Our financial strategy is helping us become more financially sustainable and resilient, safeguarding public funds whilst achieving value for money.
This will ensure we are well placed to respond to the significant funding uncertainties and pressures we face and to target our money to where it can make the most difference.
Helping deliver the Best Council Plan.
Our aims
We aim to:
- be financially resilient and sustainable
- provide value for money
- target resources to meet our priorities
- safeguard public money
Delivering our financial strategy
How we are delivering our financial strategy to achieve our aims include:
- medium term financial strategy
- 5 year rolling strategy
- 3 year budget including revenue and capital programme schemes business case development
- budget monitoring and capital
- business case monitoring
- closure of accounts
Financial strategies
- capital strategy
- procurement strategy
- treasury strategy
- risk management strategy
Leadership
- strategic direction and vision
- corporate management – resource planning
- political and financial awareness
- public sector partnership
- continuous improvement/innovation
Assurances
- Section 151 responsibilities
- internal audit plan
- assurance statement
- external audit
- external inspections
- Financial Resilience Index
- robustness of the budget
- CIPFA Financial Resilience Index
- level of reserves and balances
Statute and governance
- Section 151 of the Local Government Act 1972 – England and Wales
- Section 114 of the Local Government Act 1988 – England and Wales
- Section 25 of the 2003 Local Government Act
- Council’s Constitution
- Financial Regulations
- Contract Procedure Rules
- Budget and Policy Framework
- Scheme of Delegation
Governance structure
- Full Council
- Executive Board
- Scrutiny Committees
- Corporate Governance and Audit Committee
Digital and data
- reporting and monitoring
- benchmarking
- data analytics
- integrity of data
- self-sufficiency
Accounting and financial information systems that are:
- accessible
- complete
- comprehensive
- consistent
- accurate record of the council’s financial transactions
Highly skilled workforce
- leadership team
- operational leadership
- Chief Finance Officer – professionally qualified
- financial services – highly skilled workforce (business partners)
- accountable Chief Officers
- accountable budget holders
Adhering to:
- professional standards
- financial management code
- budget management accountability framework
- capital and revenue principles
