Wandsworth Council Finance Department

The Wandsworth Council Finance Department plays a crucial role in managing the borough’s financial resources, ensuring efficient and effective allocation of funds to deliver essential services to residents. It operates under the broad oversight of the Director of Finance and Corporate Resources, who is a key advisor to the council leader and cabinet on all financial matters.

A core function is the preparation and management of the council’s annual budget. This involves forecasting income from various sources, including council tax, business rates, and government grants, and allocating expenditure across different departments, such as education, social care, housing, and environmental services. The finance department is responsible for presenting a balanced budget, adhering to statutory requirements and reflecting the council’s priorities outlined in its strategic plans.

Beyond budgeting, the department oversees the council’s accounting and financial reporting processes. This includes maintaining accurate financial records, processing payments to suppliers and contractors, managing payroll for council employees, and preparing the annual statement of accounts. These accounts are subject to external audit to ensure transparency and accountability in the use of public funds.

Revenue collection is another significant responsibility. The finance department administers council tax and business rates, ensuring timely and efficient collection. They also manage debt recovery processes, working to minimize arrears and maximize revenue for the council. Efficient revenue collection is vital for sustaining the council’s financial stability and ability to fund essential services.

Strategic financial planning forms a key part of the department’s work. This involves medium-term financial planning, identifying potential financial risks and opportunities, and developing strategies to address future financial challenges. With increasing pressure on local authority funding, due to factors such as government funding cuts and rising demand for services, strategic financial planning is crucial for ensuring the council’s long-term financial sustainability.

In addition, the finance department provides financial advice and support to other departments within the council. This includes assisting with business case development, evaluating the financial implications of proposed projects, and ensuring compliance with financial regulations. They aim to empower other departments to make informed financial decisions and manage their budgets effectively.

The department also embraces continuous improvement, striving to enhance its efficiency and effectiveness. This may involve implementing new technologies, streamlining processes, and investing in staff training and development. The goal is to provide a high-quality, responsive service to both internal stakeholders and the residents of Wandsworth. They are committed to value for money and ensuring that public funds are used wisely to benefit the community.