Financial Management

Role And Services

The coming year will see a change in the way Financial Management delivers its services with the introduction of Dual Accountability. This will mean that teams of finance staff who currently sit in front line services and within County Treasurer's will be brought together in single units. This will promote closer working, reduce duplication of effort and streamline communications, leading over time to a more efficient and co-ordinated service.

This means that Financial Management is now managed across services reporting both to the County Treasurer and the Service Directors.

Financial Management's focus continues to be on providing financial information and advice to support the delivery of services and to assist the County Treasurer to meet his statutory and professional responsibilities. Financial Management provides a wide range of services, which include the following:

• Advice to Members, Corporate Management Team, Service Management Teams and service users relating to financial position, budgets, sources of funding, taxation and other regulatory issues.
• Financial Advice on the setting up and operation of a Children's Service Authority.
• Development and preparation of a Medium Term Financial Plan and the production and analysis of the Annual Budget.
• Preparation of statutory annual Statement of Accounts.
• Support for Police, Fire, and other external bodies.
• Provision of financial advice and support to schools.
• Financial expertise on issues such as option appraisal, capital investment, capital financing, Public Private Partnerships, Building Schools for the Future, and the Private Finance Initiative.
• The compilation and analysis of financial information for Government. This includes revenue and capital returns for both budgeted and actual expenditure, as well as a range of other finance and performance related data.
• Supporting the Local Area Agreement (LAA) in the Authority's role as the Accountable Body for funding.
• Submitting a variety of grant claims and applications to bodies such as the Government, European Union and National Lottery.
• Development and enhancement of the corporate financial systems and support for users.
• Compilation of VAT returns and provision of strategic advice on VAT related issues.
• Provision of a treasury management service to manage the short-term investment of cash balances and short-term borrowing. Medium and long-term borrowing is arranged to fund capital expenditure.
• Provision of administration and accountancy services to the Durham County Council Pension Fund and advice and information on its investments for Members and Pensioners.
• Insurance advice is provided to customers, insurance cover is arranged and claims are processed.