A new Financial Resilience Index toolkit will enable Herefordshire Council to better manage financial risk and can identify areas for improvement in the council’s financial management.
The Index, developed by the Chartered Institute of Public Finance and Accountancy (CIPFA), is a comparative analytical tool which tracks a council’s performance against a range of measures associated with financial risk.
It is designed to support good financial management, and to enable improved decision-making.
Cllr Liz Harvey, Cabinet Member for Finance and Corporate Services, said: “The council’s use of the CIPFA toolkit demonstrates this administration’s commitment to prudent and sustainable financial management. The platform will help to promote constructive dialogue around financial decision making and will help to support effective financial management by providing clear, timely and transparent information and evidence.
“We continue to experience financial pressures across many of our services. This is a situation which is common to Local Authorities nationwide. However, we are determined to progress our ambitious plans for investment in community facilities and in service transformation for Herefordshire. We can only achieve this if we are confident our decisions are realistic, achievable and based on sound evidence.
“This toolkit will help to ensure we invest public money wisely and that we deliver on our intended service improvements, efficiencies and savings to time and to budget.”
For more information and to access the Index, please visit the CIPFA website.
Published: Tuesday, 17th December 2019