Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To provide an assessment of how well the Council performs against the Financial Management Code launched by the Chartered Institute of Public Finance and Accountancy (CIPFA) and actions that it plans to take.

RESOLVED: That the Financial Management Code be noted.

REASON FOR DECISION: To demonstrate the extent to which the Council complies with the Code and areas where it plans to take further actions. This will support good governance and risk management.

Audio Recording – 1 Hour

The Service Director – Resources presented the Financial Management Code to Members of the Committee and advised the following:

·                The Financial Management Code ensured that there was a robust process in place for good financial management across the Council;

·                The Code ensured there was a shared financial management responsibility across the Leadership team;

·                The Committee would receive the Financial Management Code via email once it had been realised; and

·                There were 17 standards contained within the code and those were detailed at Appendix A on page 143 within the report.

The following Members asked questions:

·                Councillor Kate Aspinwall;

·                Councillor Michael Weeks; and

·                Councillor Steve Jarvis.

In response to questions raised, the Service Director – Resources responded as follows:

·                The Financial Management Code was not due to go to Cabinet at present. It was the role of the Finance, Audit and Risk Committee to consider the code;

·                In relation to clause E on page 145 within the report, owing to changes to accountancy rules, full recharges were no longer required; and

·                He was comfortable that it was his personal and statutory responsibility for ensuring the statements of accounts produced by the local authority complied with the reporting requirements of the Code of Practice on Local Authority Accounting.

RESOLVED: That the Financial Management Code be noted.

REASON FOR DECISION: To demonstrate the extent to which the Council complies with the Code and areas where it plans to take further actions. This will support good governance and risk management.