Previous articles I have posted on Room 151 have dealt with strategies and behaviours that local authorities can apply in setting their budgets; but this is only part of the challenge. Setting a budget is one thing but achieving delivery is where the real hard work comes in. If organisations are to achieve success in their financial management, budget setting needs to be realistic rather than aspiring and there also needs to be a strategy for in-year delivery. When budgets are set, overspending is a key risk and some public-sector organisations struggle to balance the books in-year. Trying to keep in-year spend within budget across organisations can be a herculean task and addressing all elements of a budget of £200m or more, may not get the desired result. To achieve a successful outcome you may consider a risk-based approach that focuses on areas most likely to overspend. This is not to say that rigour must not be applied to all areas of spend through the stan...
Be accountable ...be account informed.