Cambridgeshire County Council Finance Department

Cambridgeshire County Council’s Finance Department is responsible for managing the Council’s finances, ensuring value for money, and providing sound financial advice to support the delivery of services to the residents of Cambridgeshire. It plays a critical role in ensuring the Council operates within its budget and meets its statutory financial obligations.

The department’s core functions encompass a wide range of activities, including:

• Budgeting and Financial Planning: Developing and managing the Council’s annual budget, medium-term financial plan, and capital program. This involves forecasting income and expenditure, allocating resources strategically, and monitoring performance against budget.
• Accounting and Financial Reporting: Maintaining accurate and up-to-date accounting records, preparing financial statements in accordance with relevant accounting standards (CIPFA Code of Practice), and ensuring compliance with financial regulations.
• Treasury Management: Managing the Council’s cash flow, investments, and debt, ensuring the security of funds and maximizing returns within acceptable risk parameters.
• Financial Control and Governance: Implementing and maintaining robust financial controls to prevent fraud and error, and ensuring compliance with relevant legislation and regulations. This includes internal audit functions and risk management.
• Procurement and Contract Management: Overseeing the Council’s procurement processes, ensuring value for money in the acquisition of goods and services, and managing contracts effectively.
• Supporting Service Departments: Providing financial advice and support to all service departments within the Council, helping them to manage their budgets effectively and make informed financial decisions.
• External Audit Liaison: Acting as the main point of contact for the Council’s external auditors, providing them with the information they need to conduct their audits and ensuring that audit recommendations are implemented.
• Business Partnering: Increasingly, the department adopts a business partnering approach, embedding financial professionals within service areas to provide proactive and strategic financial support.

The Finance Department faces considerable challenges, including managing increasing demand for services with limited resources, navigating changes in government funding, and ensuring financial sustainability in the long term. It must adapt to new technologies and ways of working to improve efficiency and effectiveness. The department is often involved in efficiency drives and transformation programs to deliver savings and improve services.

Key personnel within the department typically include the Chief Financial Officer (Section 151 Officer), who has statutory responsibility for the proper administration of the Council’s financial affairs, as well as various finance managers, accountants, and support staff. The department’s work is overseen by relevant committees, such as the Audit and Accounts Committee, which provides independent assurance of the effectiveness of the Council’s governance, risk management, and internal control arrangements.

In conclusion, Cambridgeshire County Council’s Finance Department is a vital function that underpins the Council’s ability to deliver essential services to its residents. Its work is essential for ensuring the Council’s financial stability, transparency, and accountability.