Financial Management Strategic Improvement Programme

Report: 10
Date: 15 September 2005
By: the Treasurer and Commissioner

Summary

This report sets out progress against the Financial Management Strategic Improvement Programme.

A. Recommendation

That

1. Members to note the reported progress against the Financial Management Strategic Improvement Programme.

B. Supporting information

Introduction

1. The Financial Management Strategic Improvement Programme was endorsed by Finance Committee on 23 September 2004 (Agenda item 7 refers). The programme provides a comprehensive statement of initiatives and actions in progress or planned over the next four years to improve the Authority’s financial position and financial management in the MPS.

2. I undertook to provide members with an annual report on progress against the programme, which covers the period 2004/05 to 2007/08. This report is the first of these annual progress reports.

Progress

3. Appendix 1 sets out the agreed programme with a description of progress in the right hand column. Some actions have been completed as indicated. There is significant progress on other actions but there remains further work to be done in some areas. The nature of some of the actions is such that they require continuing attention but many of them have now become part of ‘business as usual’ for the organisation. Accordingly, the programme will be reviewed on a regular basis to ensure its continuing relevance.

4. Some of the key successes in the programme to date are highlighted below:

• The 2004/05 annual accounts were produced on schedule in accordance with the earlier statutory timescale.
• There has been considerable progress in relation to partnerships. A dedicated team is in place to provide financial support and guidance on partnerships. A database of all partnership agreements has been produced and partnership guidelines have been published.
• There has also been significant progress in integrating capital and revenue budget planning and monitoring. Members will be aware that budget monitoring reports now include revenue and capital budgets and forecasts. Additionally, financial planning guidance for 2006/07 integrates both capital and revenue bids.

5. As this new programme is in its first year, there are a number of areas where further improvement or development is required including:

• Further integration of financial management with MPS performance management arrangements; and
• further integration of financial and business planning.

C. Race and equality impact

There are no direct equality and diversity issues arising from this report but potential implications of all aspects of the programme will be considered as they are taken forward.

D. Financial implications

1. There are no direct financial implications as the programme will be taken forward within the budgets of the Finance function. Progress on the financial management strategy should have an effect on the financial performance of the Authority.

E. Background papers

• Finance Committee 23 September 2004 Report 7 Financial Management Strategic Programme.

F. Contact details

Report author: Ken Hunt, Treasurer, MPA and Sharon Burd, Director of Finance.

For more information contact:

MPA general: 020 7202 0202
Media enquiries: 020 7202 0217/18

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