The Council formulates strategic policy objectives and priorities; considers any matter requiring co-ordination between Committees or involving determination of differences between Committees; approves the annual budget of (a) revenue expenditure and (b) capital expenditure; approves any matter involving the incurring of expenditure not provided for in the annual budget of the Council, other than the specific delegation to the Strategic Policy and Resources Committee; fixes and levies Council Tax; adopts, alters or revokes Standing Orders, the Scheme of Administration and Bye-Laws as well as Structure Plan and Local Plans; proposes the promotion of, or opposition to, parliamentary powers; considers the certified version of the Council's accounts and the External Auditor's report; determines applications for planning permission in respect of all major developments which are in the opinion of the Director (Environment) significantly contrary to the development plan; considers applications for planning permission in respect of projects designated as national developments in the National Planning Framework for Scotland; and makes arrangements in accordance with the CIPFA Code of Practice on Treasury Management and the Council's Financial Regulations for the borrowing of monies requires by the Council and the investment of any surplus funds accrued by the Council and to make arrangements for the administration of the Council's Loans Fund to include consideration of Annual Treasury Strategy and policies, the mid-year report and annual report on Treasury Management.