Agenda item

That the proposed finance vision and the subsequent action plan for finance and commercial services be noted.

The Lead Member for finance introduced a report that updated the Cabinet on the improvement activity within the Finance & Commercial Services directorate.

The refreshed improvement action plan was the first from the new permanent Executive Director of Finance & Commercial and the streamlined approach sought to consolidate the various action plans and updates previously presented to Members including progress against the Directions, CIPFA recommendations and short term actions to stablise the Council’s financial position following the issuing of the Section 114 Notice.  Continued improvement of the financial management of the Council was a key priority across the Council.  The Executive Director commented that the finance improvement action plan was not just about an exit strategy from Government intervention, but about setting a direction and vision for the way in which the financial framework and function worked in Slough.  The report detailed the good progress that had been made in many areas, but it was recognised the improvements needed to be built upon and sustained.

The Leader of the Council commented on the importance of continuing the financial improvement journey as the Council must deliver best value for money.  Lead Members asked a number of questions including about the current position regarding the audits of the Council’s accounts since 2018/19.  The Executive Director confirmed that the indicative timetable was for all audits to be up to date by December 2024.  However, there was a significant national backlog in the audit of local government financial statements, primarily due to a shortage in audit capacity and national guidance was awaited which would impact on the timetable for Slough.  The Audit & Corporate Governance Committee would continue to be kept informed of the position by officers and the external auditors.

The Cabinet thanked the Executive Director and the finance team for the significant progress that had been made and confirmed its support for the refreshed finance improvement action plan.

Resolved –  That the proposed finance vision and the subsequent action plan for finance and commercial services be noted.