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Finance
The finance section is made up of staff who provide the full range of financial management and accounting functions for the Service.
The entire finance function was brought in house in April 2001 when a fully integrated financial accounting software package was purchased and the previous manual system went into retirement.
A large number of invoices are checked and processed on a daily basis along with travel claims, petty cash returns and interim salary payments. Queries relating to short deliveries, late payments and lost cheques are constantly being dealt with by the section who use the computerised finance system to track down each stage of the payment.
On the sales side, invoices are raised using the system for items such as fire certificates, fire reports and training courses. Income is receipted and banked daily and entered onto the system in order to facilitate the monthly bank reconciliation.
Budgeting forms a major part of the sections work and commences in November in the form of meetings with budget holders, principal officers and the Treasurer. Budgets are produced for both capital and revenue expenditure and total approximately £34m per annum. Estimates relating to the forthcoming year are built up incorporating rates of inflation price increases and pay awards along with any changes to legislation or new projects that are to be implemented. The budgeting process finally comes to a conclusion in February when the Authority’s funding is announced and the Fire Authority agree the budget for the new year.
Another main feature in the financial calendar is the Year End on 31st March. The Statement of Accounts is produced which provides the public with information regarding the financial situation of Derbyshire Fire Authority at the end of the year. Information comes in the form of a balance sheet, revenue account and cash flow statement which in turn highlight the value of assets held, debtors and creditors, the level of reserves and the pension liability. Legislation has determined that the date for the production of the final accounts be brought forward from September to June, taking place in stages until full implementation is expected in 2005/06.
The auditors play a key role in the operation of the Finance Section with both internal and external auditors spending a number of days looking at processes and transactions to ensure adequate controls are in place and that the accounts presented at year end are an accurate reflection of the Service’s financial situation.
New challenges for the section include the introduction of payments via BAC's, review of the budgeting process and the implementation of a costing model to cost up IRMP projects.
Accounts are available to view here
Medium Term Financial Strategy (MTFS) - The Authority makes use of significant resources to achieve its aims, namely: money, people, property and technology. In order to allocate resources to competing demands, achieve best value and ultimately achieve the Authority’s vision, strategies have been developed which give a clear sense of direction and underpin the deployment of those resources.
The Authority recognises that the allocation and management of the revenue and capital budgets play a key role in achieving the Authority’s priorities. The Medium Term Financial Strategy, therefore, provides, for the next 3 years, an overall budgetary framework. In a fast changing environment, it is critical that the MTFS develops over time, and the MTFS is therefore updated every year. Please find below links to the 2007/10 Medium Term Financial Strategy (for the years 2007/08 - 2009/10)
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