Local News

Birmingham’s money management given seal of approval

todayJune 22, 2021

Background
share close

Birmingham City Council’s improvements in its financial management have been described as exemplary in a new report from the leading professional institute for local government finance.

An independent report from the Chartered Institute of Public Finance and Accountancy (CIPFA) is based on a review of financial management capability against CIPFA’s five-star model and ranked the city council as a three-star authority – up from the one-star rating awarded in 2019 and delivered a year ahead of schedule.

The council’s previously stated aim was to achieve a three-star rating by March 2022. In a double boost for the city’s taxpayers, the rating comes in the same week it was confirmed the council achieved a balanced budget last year, despite the challenge of the Coronavirus pandemic.

The latest review carried out in both April and May 2021 stated: “It would be our considered view that Birmingham City Council should be considered to be an exemplar in the transformation of financial management capability given the extent of improvement achieved over the last two years.”

Councillor Ian Ward, Leader of Birmingham City Council, commented: “The unprecedented circumstances of the last 18 months could have easily knocked us off course, but it is incredibly encouraging to hear from the highly-respected source of CIPFA that we are doing things in the right way for the citizens of Birmingham, who fund the services and activities we provide on behalf of the people of the city.

“We are realistic – we are still on a long road to recovery from the financial impact of COVID, but, as recognised by CIPFA, we will keep a very sharp focus on budgets and continue making our case to Government for every penny of help this city needs in the months and years ahead.”

Three stars significantly improved the previous one-star score received from CIPFA in July 2019, which indicated the council was only at the fundamental ‘securing stewardship’ level. A full report detailing CIPFA’s findings is due before the council Cabinet on June 29 – along with an outturn report on the council’s balanced budget for last year.

Cllr Tristan Chatfield, Cabinet Member for Finance and Resources, added: “As guardians of the public purse, we have to make every penny count when improving the lives of people in all parts of Birmingham.

“This will be underpinned by sound financial management, and we stand ready to build on the progress that we are grateful CIPFA has witnessed and acknowledged, with an ambition to add to our three stars.”

Written by: David Watkins

Rate it

Previous post

Local News

In-depth report lays bare impact of the pandemic on the West Midlands

The full impact of Covid-19 on the economy and communities of the West Midlands has been set out in an annual report providing an honest stocktake of how the region has fared over the last 12 months. Initial baseline forecasts say the regional economy (GVA) shrunk by around 9% in 2020 from £106bn to £97bn. It is not expected to regain its previous size until 2022. But the academic research […]

todayJune 19, 2021

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *

CONTACT US

0%