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New FM code for local authorities
01 April 2019
CIPFA is proposing a new code that will drive improvement in financial management for all local authorities in the UK.
The CIPFA Financial Management Code has been designed to help local authorities to demonstrate financial sustainability and support good practice. It builds on the underlying principles of leadership, accountability, transparency, professional standards, assurance and sustainability.
It will be the first time many areas of local government financial management has been codified.
Essex County Council’s Margaret Lee said: “Local government has faced funding reduction since 2010 and growing pressures on public services, both of which are challenging the financial sustainability of local authorities. Stronger financial management is essential within the sector, particularly where budgets show a consistent use of unplanned reserves, a growth in overspending, and a lack of meium and long-term planning.”
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