Joe Winter, Head of BD, Comms and Marketing and Philip Simpkins, Ex Bedford Borough Council Chief Executive, qualified accountant and experienced S151 officer discuss why councils should arrange a Financial Health Check.
Why should councils review their financial position?
“An independent review supports long term financial ambitions, and also highlights if assumptions are realistic.”
Medium Term Financial Plans (MTFP’s)?
“MTFP’s need to be robust, regularly reviewed and updated. With Auditors looking at Going Concern together with the impact of inflationary pressures and COVID, a Council’s MTFP’s, Revenue and Capital have never been more critical.”
What income streams should councils review?
“A financial health check would look at Council Tax projections, Business Rate projections, New Homes Bonus, trading activities and commercial returns.”
What will the impact be on expenditure?
“Council priorities and where they are spending money needs to be aligned to good relationship management with suppliers and contractors. We all know the assumptions based prior to the current high-inflation environment and pre-COVID are now likely to be incorrect.”
What makes good financial management and oversight?
“Member and officer relationships need to be strong; this is the building block for good financial health.
“Councils should consider an independently hosted workshop to review priorities and ensure members/officers are in all in agreement.”
Could your organisation benefit from a Financial Health Check or an independently hosted workshop? Express an interest in contracting Philip through his profile on the East of England Talent Bank.
Or, to speak to EELGA direct, please contact Joe Winter: joe.winter@eelga.gov.uk.