Decision details

Value For Money Tracker

Decision Maker: Audit Committee

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

The Chair of the Committee invited the Interim Director of Finance to intorduce this report that provided details of the value for money tracker, first considered by the Committee at its meeting last September, following recommendations from the Council’s External Auditors on how to improve both budget monitoring and setting.

 

It was reported that following the 7 recommendations made by the External Auditor written responses from the Council had been provided regarding each, and several commitments had been made to improve the processes. Those responses had subsequently been loaded in JCAD, the Council’s recognised tracking and reporting mechanism for risk management, so that a format like the regular risk management reports was used.

 

Since the March 2019 meeting, progress continues to be made in a number of

areas as set out in the tracker. Members are asked to note in particular:

i) Robust control of the 2018/19 in-year budget resulted in a significant financial turnaround being reported to the Cabinet on 10 June 2019 in the revenue Budget Outturn report. The same rigorous process is being continued in budget monitoring of 2019/20 budgets;

ii) Although the most recent MTFP (2019-22) was only recently approved by Council (February 2019), planning for the next MTFP (2020-23) has begun to ensure the Council is proactive in setting future years budgets;

iii) The External Auditor will issue an up-dated Value For Money assessment by the end of July 2019 alongside the audit of the Councils Statement of Accounts. Once received, officers planned to produce an appropriately updated tracker to ensure relevant actions were taken, with a level of detail to be determined.

 

The Chair noted that the Committee was pleased to see the continued improving progress and Members confirmed they wishes to receive an update report at each meeting. 

 

Publication date: 09/07/2019

Date of decision: 20/06/2019

Decided at meeting: 20/06/2019 - Audit Committee

Accompanying Documents: