Building financial resilience in public services
The aim of this webinar was to share new approaches to building financial resilience (including examples of good practice) and identify the key barriers and how to overcome them.
With the ever changing public service landscape in Wales, organisations need to put greater emphasis on flexibility, adaptability and a long-term perspective in their financial management. This means being responsive, robust and resilient.
Most public sector organisations manage their finances proficiently and have become lean. However, with significant funding gaps forecast in future years, how can they continue to be financially resilient?
A plan is needed!
We recently published a report: Savings planning in councils in Wales which focused on the development, delivery and monitoring of savings plans in councils in Wales. Overall we concluded that medium term financial planning is generally effective, but short comings in savings planning present a risk that some councils will not achieve the savings they need to make.
A well-considered Medium Term Financial Plan (MTFP) is a critical process that supports an organisation’s resilience and financial sustainability. The MTFP may be put together by the Finance Team, but must be owned by the decision makers and those that deliver services.
Who the webinar was for
This seminar was aimed at the following public sector members, officers; including:
- Heads of Service
- Service/operational Managers for major operational delivery
- Budget holders
- Section 151 Officers & Finance Managers
- Cabinet Members with budget and planning as part of their portfolio.