問題一覧
1
Why do councils have reserves? Give an example
unexpected expenditure - example flooding
2
How do they generate reserves?
revenue budget 1-2% underspends investments
3
What is the councils biggest expenditure?
staff salaries
4
Where are surplus funds invested?
money markets
5
What is the governance around investment
how safe / secure is the investment
6
How is the risk v return seen when investing surplus funds?
councils tend to go for the safest investment
7
Define reserve?
putting money away for unexpected expenditure
8
How often is a reserve policy reviewed?
each year
9
What are the benefits of an investment?
money works for you, generate additional income
10
What’s included in a treasury management policy?
what type of organisations can be invested in? how much? credit scores
11
How does a local authority prepare its annual budget?
previous expenditure
12
How would costs differ from previous years on an annual budget?
Inflation, demographics, social care for aging population
13
How does a anual budget link to a long term plan? Use an example?
have to incorporate capital expenditure projects finishing in order to understand the costs it is going to incur to run, for example a leisure centre could be completed within the final year, we would need to incorporate costs for staffing in order to run it
14
What constitutes a lawful budget
what constitutes a lawful budget
15
Describe stage 1
April - October CFO issues detailed guidelines to various departments requesting basic budget figures & date in which they are needed CFO must provide advice & assistance to departments & ensure processes have been followed Guidlines should outline the councils policies for expansion / contraction for individual departments consideration of figures for following 2 years
16
Describe Stage 2
October - November CFO has scrutinised budget returns, budget will be submitted to the appropriate service committee for review CFO will outline the effects the changes will have
17
Describe stage 3
December - January services committee Cary out full scrutiny. each authority schools receive final notification of grant entitlement along with figures for years 2 & 3
18
Describe Stage 4
process of collection of the figures, with any final adjustments
19
How can there be different types of reserves?
reserves can be earmarked for specific departments for example social care
20
How are reserves used?
meet demands
21
Is it a prudent move to overspend?
No it depleats saving, need to have an overspend policy’s and as reserves are spent they need to be re allocated
22
How long does a Mid Term Financial Plan cover
3-5 years
23
What is the purpose of a mid term financial plan?
aspirations, meeting manifesto commitments of people in power, financial stability, making predictions
24
What are the main difficulties in a medium term financial plan?
it’s a judgement on future, unknown what grants are going to be given in the coming years, inflation, Change in government
25
How often are medium term financial plans reviewed
each year
26
What are the differences between capital budgets and revenue budgets?
capital budgets are over a longer timer period & are built from the medium term financial plan, revenue expenditure is funded through services and local gov whereas capital expenditure is sourced through borrowing
27
What does the prudential code outline?
what the local authority should be doing to manage capital projects, making sure whatever the council is borrowing is affordable
28
What are the main sources of finance for capital expenditure?
borrowing, public works loan board as interest rates are lower than going to the financial markets, use reserves, use overdraft, fund capital through leasing
29
What is revenue expenditure?
day to day running costs for example salaries?
30
What is capital expenditure?
purchasing / building assets
31
How is revenue expenditure financed?
central government, council tax / business rates, fees & charges
32
How is capital expenditure financed?
loans, public works loan board, money markets
33
How would you control a budget?
review income & expenditure momthly, Quarterly reports
34
Current issues with controlling staffing budgets?
recruitment difficulties which lead to more agency staff, salaries, overtime due to staff shortages
35
What are the main sources of revenue income? And what flexibility is there in the charges?
Central Government grants - No flexibility other than bidding for grants, Council Tax - councils can go to public referendum if they want to increase charges higher than government set, Non domestics rates - No flexibility, Fees & Charges - flexibility, local authorities are able to set their own
36
What are some examples of charges within a local authority
car parking, leisure centre, penalties
37
What policy would the council need for car parking charges?
determining price
38
What policies would the council need for leisure centres?
charges in peak hours and non peak hours
39
What is the purpose of an internal audit
quality assurance
40
What is the purpose of an external audit?
audit final accounts, make sure the council is providing value for money
41
Where does an internal auditor send their plan?
audit committee & External auditor to avoid duplication
42
What is an internal auditor more likely to look at?
Controls - SOAPSPAM
43
list the main types of internal audit and what they mean in this context
segregation of duties - ensuring no person is responsible for recording & processing. involving more people limits the risk of minipulation or errors organisation controls - definition of structure, responsibilities, organisation should have a plan that defines & allocates responsibilities Authority & Approvals - transactions to be approved by responsible person Personnel - adequate facilities, procedures designed to ensure people selected to operate a system are properly selected Supervision - all actions should be supervised, responsibilities should be communicated Physical Controls - ensuring assets such as computer equipment are restricted to authorised personnel only Accounting controls - controls in the recording function that check transactions have been authorised managment controls - managment should review the adequacy & effectiveness of internal control systems
44
How would you ensure a high level of fraud awarness?
training
45
What controls can you put in place to help prevent fraud
regularly changing passwords, restricted access, authorisation limit for refunds, LOA
46
Outline the structure of a recruitment & retention question
intro, strategy, retention, conclusion
47
Describe the recruitment strategy of a local authority
Build relationships with career advice teams, Attend all career days within area, explain ow we can offer career progression, specific job descriptions with requirements, use technology, highlight entry level jobs with apprenticeships & training
48
Describe the retention policy of a local authority
can be difficult with regards to budgets, competitive compensations & benefits, competitive salary for college and school leavers, offering flexible working, clear career pathways
49
How to format a report
Title, who is the report to, date, author, paragraphs
50
List the topics in a communication strategy
Intro,Objective, Current, Improvements, Key strategies, Feedback, Conclusion
51
What are the current ways of communication?
Telephone, Email, Online Portal
52
List some performance indicators that a local authority would use
collection rates, turnarounds, complaints level, accuracy levels, call abandonment, performance stats on online services
53
What are the benefits to the local authorities in employees having professional qualifications?
more qualifications within the service, knowledge, able to fill higher positions
54
How can a local authority help continue personal development?
training, access to attending conferences / events, subsidise professional fees
55
What is the structure for a business continuity plan?
intro, risk awareness, impact analysis, prevention, mitigation, resumption, implementation, communication & co ordination, training, improvements, conclusion
56
what should be included in the plan implementation of a business continuity plan?
assign roles, test & reherse, Review
57
How would you deal with a backlog due to depleates resources?
identify the problem, assign staff with idea of being
58
What adjustments are needed to be made when resources are being used to clear a backlog
revise current performance targets, change turnaround time
59
Describe a recruitment plan from start to advertising
job description, elements needed (essential, desirable), how are you going to publicise