Agenda item

The Committee received a report from the Corporate Director of Resources which provided an update against the Chartered Institute of Public Finance and Accountancy (CIPFA) Financial Management Code (FM Code), which is designed to support good practice in financial management and to assist local authorities in demonstrating their financial sustainability (for copy see file of minutes).

The Finance Manager, Revenues, Pensions and Technical Accounting highlighted the principles by which local authorities should be guided in managing their finances and the specific standards that should be achieved and provided an update on the improvement opportunities identified.

Responding to concerns from Councillor M McGaun regarding the improvement opportunity in relation to maintaining training / qualification records, the Finance Manager, Revenues, Pensions and Technical Accounting clarified that records were maintained by individual managers. The Corporate Director of Resources explained that CIPFA recommended as best practice a single overarching document that showed experience, skills and qualifications for all finance teams rather than individual records.

Resolved:

That the report be noted.