Issue - meetings

Financial Management Code

 

 

Meeting: 19/07/2023 - Audit and Governance Committee (Item 8)

8 Financial Management Code pdf icon PDF 590 KB

Report of the Executive Director of Corporate Resources and Customer Services

Additional documents:

Minutes:

The Committee considered the report of the Executive Director of Corporate Resources and Customer Services which outlined the Financial Management Code issued by the Chartered Institute of Public Finance and Accountancy which aims to ensure a high standard of financial management in local authorities. An annual assessment of the Council’s compliance with the code is required and is accompanied by an action plan for improvement.

 

The report provided an update on progress in implementing the action plan for further improvements and to identify additional actions to further improve compliance, many areas of good practice in financial management were highlighted within the compliance assessment.

 

The Service Manager – Finance and the Executive Director of Corporate Resources and Customer Services explained the management of the Council’s balances and reserve strategy following a relevant query.

 

RESOLVED: That

 

(1)

the principles of good financial management be noted;

 

(2)

the approaches and lessons learnt from the implementation of the financial management code be noted;

 

(3)

the progress in implementing the actions which have been carried out to further improve both compliance with the Code and financial management across the Authority be noted; and

 

(4)

the additional actions identified to further improve compliance be noted.