10 Financial Strategy

10.1 Overview

The Council should produce a multi-year Financial Strategy that sets out how its Performance Plans can be resourced in both capital and revenue terms.  Use of resources is increasingly important and a key indicator of the effectiveness of the Authority in providing services to customers.  The Financial Strategy should identify whether resources are to be re-allocated over time and take account of corporate objectives and service improvement priorities.  Other aspects of financial management may also be included in the strategy e.g. levels of balances, reserves and provisions. 

10.2 Responsibility/Accountability

10.2.1  Council (click here for all responsibilities for the Council)

Approving the Financial Strategy, including a medium term financial plan, covering a period of a minimum of three financial years

10.2.2 Cabinet (click here for all responsibilities for the Cabinet)

Establishing the contents of the Financial Strategy.

Recommending the Financial Strategy to Council.

Allocating capital funding in consultation with the QSVM Scrutiny and Review Panel.

10.2.3 Chief Executive (click here for all responsibilities for the Chief Executive)

Ensuring a Financial Strategy is prepared and implemented.

10.2.4 Directors (click here for all responsibilities for Directors)

Leading on the development and improvement of the Financial Strategy.

Collectively recommending a multi-year Financial Strategy to the Cabinet.

Ensuring the Financial Strategy is implemented.

10.2.5 Section 151 Officer (click here for all responsibilities for the Section 151 Officer)

Developing a multi-year Financial Strategy covering at least the forthcoming three financial years for approval.

Advising on the maintenance of the Financial Strategy.

Monitoring compliance with the Financial Strategy across the Council and making appropriate recommendations.

To report to Council prior to the commencement of each financial year on the robustness of estimates and the adequacy of reserves.

10.2.6 Business Unit Heads (click here for all responsibilities for Business Unit Head)

Developing a robust business case for each capital and major revenue proposal in line with this Framework.

Contributing to the development of the Financial Strategy.

Implementing the Financial Strategy within their Business Units.

10.3 Policy (click here for the detailed procedures)

The Council will prepare a multi-year Financial Strategy covering capital and revenue resourcing, ensuring that resource allocation reflects corporate objectives and service improvement priorities.  It will also include other relevant factors.