Service Description: The Financial Management function provides a comprehensive range of financial and business support, services and advice to committees and directorates of the Council. We provide strategic support to service areas to deliver the Council's key priorities through effective budget management, medium term financial planning and an affordable capital strategy. We ensure compliance with external financial management and accounting standards including International Financial Reporting Standards. Treasury Management functions and Pension fund management requirements. We also work with the Resident Information and Consultation team to deliver an effective budget consultation process for residents, staff, partners and other stakeholders. The Business Effectiveness Unit within Financial Management, was formed in 2011 to bring together a number of corporate business management functions across the authority. The team brings leads on a range of disciplines and actively supports services in their application of Business Intelligence, Performance Management, Programme and Project Management, Risk Management, Value for Money, Business Planning and Data Quality. In addition, the unit provides reporting at a strategic level to Members and senior management in respect of the corporate priorities as set out in the Corporate Plan. The management of the council's internal audit contract is also managed from the unit.
Also known as:- Accountancy, Accounts, audit, Budget, Charges, effectiveness, Fees, performance, planning, risk, Treasury
Answer: Every council has a range of services which it must provide otherwise known as statutory services. These include services such as adult and childrens social care, land charges, registry of births, deaths and marriages. The council also has the discretion to provide other services which are important to the local community such as sports and leisure, parks and countryside and on the island, the Cowes floating bridge service. In many cases, the way in which the services are provided (by the council or by private companies contracted by the council) and the level at which they are provided, can be decided locally based on local needs and available resources. This is the balance that every council has to find in setting its budget.