Tristan and Rowan are right. The build queue you set in the SOT thread is for the Seneschal, it's not something you queue up in your settlement in-game. He doesn't have to build something in any given settlement, but if he does he has to follow the build queue posted by the owner of the settlement (if there is one, otherwise he can pick any building). Control over where money goes is by far and away the strongest power the position has.
Prioritized units are a limited exception to the Seneschal's total powers over the country's purse strings, in that he would be required to fill such orders before getting to allocate any other money at all to buildings or other recruitment. There used to be a very small number of prioritized buildings at higher ranks as well in the previous game, but this power was little used (anyone is free to try to reinstate that on at a Council, though. Getting the votes to pass would convince me it's popular enough to make it back in).
I suppose those of us who have been in this for multiple games have just become used to the wording.
And to answer an earlier question, refusing to allocate any money to a player's build queue is one way a Seneschal could "encourage" someone to permit the building of that trading port or market rather than those ballista towers or whatever other military building they want.
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