The Finance Service managed by the Borough Treasurer provides a wide range of financial services to the Council, its Cabinet, Members and its Committees. It is in effect the Council’s accountant and advises on the financial and value for money aspects of all policies and programmes.
The Finance Service is responsible within the Council for:
Annual Budget setting – enabling the Council to set a robust balanced capital and revenue budget by providing corporate support and also advice and guidance to Directorate Management Teams.
Financial Strategy – the preparation of the Council’s medium term financial strategy
Maintaining the budget on the Financial System – ensuring that the current budget accurately reflects Members decisions, and changes arising from, for example, major service reviews.
Budget Monitoring – providing monthly budget monitoring advice and information to managers and quarterly reports for scrutiny by Members.
Final Accounts – preparation of the outturn position for each financial year or each Service/Directorate and the overarching statutory accounts of the Authority
Support for Corporate Initiatives – the provision of financial advice and support for all on-going and new Council initiatives.
Support for Schools – the provision of a comprehensive support package for schools operating under Local Management of Schools on a traded service arrangement
Grant funded initiatives – advice and guidance in relation to bidding for and managing grant funded regimes including the completion of grant claims
Financial Management Systems - maintenance and development of the Council’s Financial Ledger and Systems
The Corporate Governance Service is responsible within the Council for:
Internal Audit Function - the maintenance of an effective Internal Audit function providing assurance on the adequacy and application of key financial and other systems of internal control and compliance with regulations and policies
Counter Fraud - the operation of the Corporate Counter Fraud and Housing Benefit Counter Fraud Function Functions
Risk Management and Insurance - overseeing the Risk Management and Insurance function of the Council
Efficiency - facilitating and driving forward the Efficiency Agenda within the Council from a financial perspective
29 Sep 09/PMP/BT/PSC