By Sue Beauchamp and Carole Hicks.
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. The article draws upon the recently launched Chartered Institute of Public Finance and Accountancy FM Model.
Public Money and Management. Volume 24: Issue 3 ISSN: 0954-0962