The Director of Finance has statutory duties in relation to the financial administration and stewardship of the council. This statutory responsibility cannot be over-ridden and arises from:
- Section 151 of the Local Government Act 1972
- The Local Government Finance Act 1988
- The Local Government and Housing Act 1989
- The Accounts and Audit Regulations 2011
More specifically, under Section 151 of the Local Government 1972, the Director of Finance is responsible for:
- The proper administration of the council's financial affairs.
- Setting and monitoring compliance with financial management standards.
- Advising on the corporate financial position and on the key controls necessary to secure sound financial management.
- Providing financial information.
- Preparing the revenue budget and capital programme.
- Treasury Management.
As the council's financial and economic adviser, the Director of Finance will report to the cabinet with respect to the level of resources intended to be used each year, and will keep the cabinet informed of the council's finances and financial performance throughout the year.
As a consequence of all the above, the Director of Finance is required to control and be responsible for the accounts and finances of the council in every respect and ensure, as far as possible, that a consistent financial system operates throughout the services of the council. A key part of the process for ensuring that sounds financial management policies are in place and are adhered to is the establishment of Financial Regulations. The Financial Regulations set out the financial policies and principles of the council and provide the framework for managing our financial affairs. Financial Regulations apply to all members and officers in the work they do for the council.