Report of the Director of Finance and Commercial (S151 Officer)

The subject of the decision:

The Director of Finance and Commercial (s151 Officer) presented a report which informed the Committee of the contents of the Financial Management Code and demonstrated the Council’s compliance to the Financial Management Code.  In recognition of the financial pressures that Councils were facing, the Chartered Institute of Public Finance and Accountancy (CIPFA) had developed the Financial Management Code.  The intention of the Financial Management Code is to provide guidance to Local Authorities to create a culture of strong, sustainable financial management giving assurance that authorities are managing resources effectively.  The report detailed the Council’s Financial Management Action Plan.

Alternative options considered:

None.

The reason for the decision:

Complying with the standards set out in the Financial Management Code was the collective responsibility of elected members and Management Team.  Explicit standards of financial management were set out by the Financial Management Code.  Although the Code did not currently have any specific statutory backing, CIPFA reference that compliance with the Financial Management Code should be linked to the (s151) of the Local Government Act 1972.  There was also an obligation upon Members and Management Team to adhere to the Financial Management Code.

The decision:

That the report be noted.