Members discussed the report on the financial management review. This report was driven by the need to update our finance and procedure rules, and to inform the replacement of our financial information system. Cabinet also considered the consultant’s report that was attached as an annex to this item which set out the detail and outlined some positive aspects of the council’s financial management approach as well as areas where improvements should be made.
This was an important matter that Members ought to consider in order to make the required improvements for managing the council’s finances. The context in section 2 of the report explains how , in the past, the council had not always managed its finances in the best way. The report proposed better financial management controls to mitigate against financial impacts in the future.
Section 3 of the report lists the key findings of the review, all of which were recommended to Cabinet. Members welcomed the idea of increased budget reporting and approval of reserves, via reports to members, through the Section 151 Officer.
Cabinet recognised that some of these changes will take time, but Members were looking forward to working through the action plan with officers.
The following Members spoke under Council Procedure Rule 20.1:
Councillor Saunders proposed, Councillor Kup seconded and Members agreed to note the report.