CIPFA response to select committee report on local authority investments
posted on 11/06/2009 13:07:00, updated on 11/06/2009 14:46:00
CIPFA has recommended that local authority finance scrutiny committees, in particular audit committees, are given specific responsibility for the scrutiny of local authority investment decisions. This was one of the key recommendations set out within CIPFA’s treasury management bulletin, Treasury Management in Local Authorities - Post Icelandic Banks Collapse, published in March 2009. The bulletin contained a number of proposals for strengthening treasury management practices in the light of the Icelandic banks collapse. Local authority investments, the Communities and Local Government Select Committee report published today, comes out strongly in support of these proposals for enhanced scrutiny and echoes many of the other changes already proposed by CIPFA. CIPFA will be taking the Community and Local Government Select Committee’s recommendations into account when it publishes its revised Treasury Management Code later in the year. Steve Freer, CIPFA's chief executive said: 'CIPFA welcomes the Select Committee's report and in particular its support for the measures we proposed in a recent treasury management bulletin. Robust scrutiny of treasury management within local authorities is vital in making sure that taxpayers’ money is managed effectively and safely'.
Related links:
CIPFA treasury management bulletin: Treasury Management in Local Authorities - Post Icelandic Banks CollapseCLG Select Committee report: Local authority investments
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