Southend Borough Council Finance Department

Southend-on-Sea Borough Council’s Finance Department is responsible for managing the financial resources of the unitary authority, ensuring value for money, and supporting the delivery of vital public services to residents and businesses. The department plays a crucial role in maintaining the financial stability and sustainability of the council, allowing it to meet its statutory obligations and strategic priorities.

The Finance Department’s remit is broad, encompassing several key functions. These include:

• Financial Planning and Budgeting: Developing and managing the council’s annual budget, medium-term financial plan, and capital program. This involves forecasting income and expenditure, identifying potential savings, and allocating resources effectively across different service areas. They also monitor budget performance throughout the year, highlighting any variances and recommending corrective actions.
• Accounting and Reporting: Maintaining accurate financial records, preparing statutory accounts in accordance with relevant accounting standards, and providing timely and reliable financial information to council members, senior management, and external stakeholders. This includes reporting on the council’s financial performance, position, and cash flow.
• Treasury Management: Managing the council’s cash flow, investments, and borrowing. This involves ensuring that the council has sufficient funds available to meet its obligations, while also maximizing returns on investments and minimizing borrowing costs. The department operates within a strict framework of treasury management policies and procedures to mitigate financial risks.
• Procurement: Overseeing the council’s procurement processes, ensuring that goods, works, and services are procured in a fair, transparent, and cost-effective manner. This includes developing procurement strategies, managing contracts, and promoting ethical procurement practices.
• Risk Management: Identifying, assessing, and managing financial risks faced by the council. This involves developing and implementing risk management policies and procedures, monitoring key risks, and ensuring that appropriate controls are in place to mitigate those risks.
• Internal Audit: Providing an independent and objective assurance service to the council, reviewing the effectiveness of internal controls, risk management processes, and governance arrangements. This helps to ensure that the council’s resources are being used efficiently and effectively, and that it is complying with relevant laws and regulations.

Like many local authorities, Southend Borough Council faces significant financial challenges due to factors such as increasing demand for services, reduced government funding, and inflationary pressures. The Finance Department is therefore focused on driving efficiency improvements, exploring new sources of income, and making difficult decisions about resource allocation to ensure that the council can continue to deliver essential services within its available resources.

The department utilizes various financial management systems and technologies to improve efficiency and accuracy in its operations. Furthermore, it collaborates closely with other council departments and external partners to promote financial awareness and accountability across the organization.

The Finance Department is staffed by qualified and experienced professionals who are committed to upholding the highest standards of financial management and ethical conduct. The team plays a vital role in supporting the council’s vision of a thriving and sustainable Southend-on-Sea.