Magazine article Public Finance

Saving Public Finance

Magazine article Public Finance

Saving Public Finance

Article excerpt

Politicians and senior public sector managers rightly emphasise the importance of dealing with reductions in public sector funding by identifying real 'efficiency savings' as opposed to straight cuts in sei"vices.

However, there must be serious doubts about whedier enough efficiency savings can be realised, because of both the short timescales available and the lack of a robust approach to strategic financial management in many public bodies.

A recent Audit Commission survey found that only four of 14 councils surveyed displayed die five major strategic financial management characteristics: strong and accountable financial leadership; a culture of financial awareness; ability to specify priorities and make choices within means; comprehensive financial information that clearly underpins decisions: and ability to anticipate changing circumstances and manage financial risks. …

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