Financial governance is important for good governance because the consequences of failure can be so devastating for a council. No matter how good the rest of a council’s governance may be financial failure can bring it undone.
This section focuses on financial governance mainly from the councillor’s perspective and highlights how the council can meet its accountability requirements. The areas covered include where the responsibility and accountability lie for council finances, the role of the Strategic Resource Plan and annual budget, and the importance of rigorous financial reporting.
Role played by council and councillors, the CEO and CFO, and audit committees in managing local government finances.
What it contains, how it’s developed, the role councillors play in its development, and issues they need to be aware of.
Looks at council’s responsibilities, the role of councillors in preparing the budget, and key questions they need to ask.
Poor financial governance can imperil the council’s existence.
The Strategic Resource Plan helps ensure that the council’s vision and goals are financially achievable.
Councillors must ensure they have all the information they need to meet their accountablility requirements.