Essays on Financial Management Assignment

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A number of considerations were taken into account, some of which include; The minutes of the resources committee held on January 2009 were received and noted. Close attention was drawn to £350,000 of capital funds made available by the Welsh Assembly Government for capital works which was meant to be spent before; March 2009. They agreed to increase the amount of funding available and approve the list of proposed work to be done (Fireman, 1979). The grant settlement was received, approved and considered in depth. Since it was not different from the provisional statement the budget recommendations remained the same (chief fire officer association, 2008). The revenue monitory report was received and compared with the approved budget which had been profiled for 8 months.

There was an under spent of the budget and additional expenditure on pensions. The combination led to under spend. The last deficit on fire fighters pension scheme would be funded through transfer of funds from the elective Pensioners Provision at the end of the year. The expenditure and financing of capital projects is summarised in the capital monetary report according to the approved capital programme.

Thus capital financing was within the prudential indicators set limits (fire and rescue services Act, 2004). It was evident that the net budget requirement had been notified to all authorities as part of the consultation process as indicated by the joint report of the chief fire security officer and the treasury. The report had consolidated the earlier reports and formed the base for the final process of budget setting. Therefore, as a consultation process, all authorities had been informed about the net budget requirement as indicated in the report. The report received on the corresponded scheme was agreed as follows; All authorities were motivated by employers to give support to the case involving the 2 FRS in court. Uniformed employees resolved to share the legal costs involved in. Resolving any opposition in the high court.

With the awareness that corresponder schemes were undertaken by fire fighters who were prepared to do so the authority encouraged support of the schemes at the court (Independent review of the fire service, 2007). According to a report on LGA annual fire conference consideration was given to the forth coming LGA annual fire conference.

Commitments to attend the annual conference should be honored except in cases of sickness. Chief fire officers and the group leaders arranged for a meeting to determine future member attendance to the meeting (Shropshire and Wreckin, 2007). Safety margin of the operational boundary to the Authorised limitYEAR 31/01/ 2008WEST MIDLANDS FIRE AND RESCUE AUTHORITYOperational Boundary = £21.000 MAuthorised limit = £19.400 MTherefore proportion of authorised limit used=operational boundary/authorised limitThus: £19.400 M/£21.000M = 0.9230.923 * 100% = 92.3%100% -92.3% = 7.7%The recommended safety margin is 5%.

This therefore means that for any number greater than 5% the FRS is operating within the safety limits recommended. Thus the west midlands fire and rescue authority is operating within the recommended safety margin because its safety margin exceeds the recommended safety margin which is set at 5 % (statements of account, 08). As compared to Greater Manchester Fire rescue statement as the year ended 2008.

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