Financial Governance

Throughout the year monitoring takes place of the PCC and Constabulary budgets. Formal reports on spending against the budget are submitted to public meetings where the PCC holds the Chief Constable to account for the Force’s performance.

At the end of the financial year, annual accounts are prepared and these are subject to examination by external auditors, Ernst and Young, who are required to provide an audit opinion. The accounts have to be audited and formally approved by the PCC and the Chief Constable by the end of September each year.

In addition to the work undertaken by the external auditors, Stephen has appointed internal auditors, TIAA, to ensure that throughout the year there is continual audit coverage of internal controls, financial and business risk. The Head of Internal Audit reports to the independent Audit Committee.

Information about the PCC and Chief Constable’s governance arrangements, contract procedures and other financial matters are listed below. Information on Expenses, Pay and Benefits, Gifts and Hospitality can be found on the PCC Office Budget page.

Public Meetings

Your PCC holds a public meeting with Norfolk’s Chief Constable every two months to hold him to account for the policing service delivered in the county. Those meetings are known as the Police Accountability Forum and a standing item on the agenda is the budget report, allowing Stephen to monitor how police funds are being used.

Annual Accounts

As PCC, Stephen is required by law to publish a set of accounts each year providing a breakdown of the PCC’s and Constabulary’s financial performance and financial position. The statement of accounts is then audited by external auditors.

Annual Investment and Treasury Management

The Chartered Institute of Public Finance and Accountancy’s (CIPFA’s) Code of Practice for Treasury Management in the Public Services requires PCCs to produce a treasury management strategy for the year ahead.

Audit Committee

The Audit Committee is independent of the PCC and Norfolk Constabulary, and it considers the internal and external audit reports of both the PCC and the Chief Constable.

Contracts and Standing Orders

The PCC and Chief Constable are required to publish a list of each contract in which either is involved. Contract standing orders are in place to ensure sound financial management policies are strictly adhered to.

Expenditure over £500

The PCC and Chief Constable are required to publish information about each item of expenditure exceeding £500 (other than crime and disorder reduction grants), including the recipient of the funds and the reason why the PCC and Chief Constable consider that good value for money has been achieved.

Financial Regulations

The Financial Management Code of Practice seeks to provide clarity around the financial governance arrangements within the police service, and reflects the statutory duty to secure value for money in the use of public funds. It applies to the discharge of functions by all PCCs in England and Wales, and the Chief Constables of the police forces they maintain.