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: If you are entitled to vote in local elections for members of the Isle of Wight Council you have certain legal rights with regard to the Council’s annual accounts. These rights allow you to: • Inspect the Council’s accounts • Ask the external questions about the accounts • Challenge the accounts When the Council has finalised the accounts for the previous financial year, usually towards the end of June, we advertise they are available for local electors to look at. The advertisement, the notice of public rights, is placed in the Isle of Wight County Press and on this website. The notice gives details of a period of 20 working days during which you may look at the accounts and supporting documentation. • The dates for the financial year 2011/12 (1 April 2011 to 31 March 2012) are 23 July to 17 August 2011 inclusive. Access to the accounts is available between the hours of 9.00 a.m. and 5.00 p.m. Monday to Thursday and between the hours of 9.00 a.m. and 4.30 p.m. on Friday As part of the inspection you are entitled to inspect the accounts to be audited and all books, deeds, contracts, bills vouchers and receipts relating to them. However, you cannot inspect and copy documents that contain personal information about a member of staff. The draft statement of accounts will be available on this website following consideration by the Audit Committee; you can download the draft statement of accounts or ask us for a copy. You can also obtain copies of any documents relevant to the accounts, although the Council is entitled to make an appropriate copying charge. If any person requires specific information about the Council’s spending, the easiest way is to ask the Council. We already publish details of spend above £500 and certain contracts on the transparency part of the website, the annual accounts will include much the same information. The Audit Commission has published a booklet which describes how you can inspect, ask the auditor questions about, or object to the council's accounts. - Related Link