FM12 - clubs get budget from this summer's transfers if transfers completed already?

So, a FM12 file will start July 1 2011, presumably. I have only played 2 FM's and have never really paid attention to summer transfers until this year.

My main question is, a new file will have the summer transfers already completed, even if they were after July 1, right? So will those clubs (buyers or sellers) see any adjustments to their transfer budgets? If I start a file as Palermo, will I see the ~$65 million from my sales to PSG, or will the game just give Palermo a small budget per usual year? If I start a file as Liverpool, will my budget be dry after all those signings, or will the game still give me a $50 million+ budget?

Thanks

All budgets are evaluated by researchers and SI staff etc and they will judge budgets on the teams income as in transfer out transfer in etc plus team debt needs to be took into consideration so i would't expect Palermo to have a transfer budget of 60m just because that's what they have made on player sales already

Based on previous years, FM will take all the summer transfers into account. Theoretically Palermo, At Madrid, Udinese may have a larger budget (unless they spend big between now and August 31st or have large debts) and the likes of Liverpool and possibly Man Unt may have smaller budgets due to their high spending so far.