EC1

Now that the Authority is a ‘precepting authority’ it has to ensure that it makes adequate provision (ie reserves and balances) in its budget for the financial consequences of the strategic and volatile risks highlighted in this analysis, those identified in other business plans, and for any areas of uninsured risks. Failure to do so, could result in the Authority having to resort to: major cuts in its budget and/or unplanned borrowing and/or subsequent and unacceptably high increases in Council Tax levels. In turn, this would increase the risk of Government intervention and ‘capping’ (leading to further unplanned cuts in expenditure).

Each year the Authority will assess the adequacy of its reserves and balances based on information contained in the risk register, other business plans and specific reports (including, in particular, the forecast provision required for the firefighters’ pension scheme).Insurance arrangements (cover and premiums) will continue to be formally re-tendered every three years and selectively market-tested annually.

EC3

As with all public sector bodies we are required to ensure that public funds are managed with probity and to guard against fraud and misuse and to ensure best value is achieved.

We will continue to ensure that sound Internal (and workplace) audits processes are in place and that all budget holders and managers are fully aware of the Authority’s financial regulations and codes of practice relating to contracts.