Financial Management and Effectiveness in Public Service Organizations: The CIPFA FM Model |
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| Authors: | Sue Beauchamp Carole Hicks |
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| Institution: | Director of Finance and Information Systems at the Royal Borough of Kensington and Chelsea, and Chair of the CIPFA Working Group on a Model for Financial Management;, Finance and Policy Manager with CIPFA and Secretary to the Working Group |
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| Abstract: | Improving services in the public sector is not just about front-line delivery—effective governance and financial management are key drivers for public bodies on the improvement path. Regulatory frameworks are putting these elements in the spotlight as they seek to track additional investment and its impact on services. No longer just about accounting for the money and demonstrating stewardship, financial management in the public services is about giving the right decision support and enabling the right choices. Modern public bodies need to make sure they are financially literate throughout their operations to meet their organizational goals effectively. Self-assessment and improvement planning can work for financial management and a framework developed by public finance professionals in the UK's public sector is described in this article. The article draws upon the CIPFA FM Model that is to be launched in Summer 2004. |
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