Bromley Council wins public finance award

Published Thursday, 23 May 2019

l to r Cllr Graham Arthur, Executive Member for Resources, Commissioning and Contract Management; Peter Turner, Director of Finance and Cllr Keith Onslow, Chairman of the Pensions Investment Sub-Committee.

Bromley Council has scooped the top accolade in the Pensions, Treasury and Asset Management award category of the Public Finance Awards from an impressive shortlist of other councils from across the country.

Some £13.5m was contributed to Bromley Council’s annual investment income in 2018/19 through careful investment in commercial properties without borrowing, together with a new Treasury Management Strategy which includes alternative investments. As a low-grant funded, low-cost and below-average council tax authority, facing growing challenges with a low cost base and a need to deliver income and savings, the council sought alternatives to investments previously based on mainly fixed deposits. In addition, the pension fund is currently fully funded, and if that continues there will be further annual revenue savings of £2.1m from 2020/21, potentially generating savings of £6m by 2020/21.

Bromley Council was singled out for its approach to its finances in the prestigious annual Awards run in association with the Chartered Institute of Public Finance and Accountancy (CIPFA). These recognise excellence and originality across the public finance and governance sectors across the UK. The Judges found that Bromley ‘demonstrated its breadth of use of alternative investments to optimise returns for the benefit of fund holders in a transparent and engaged manner.’

Councillor Graham Arthur, Executive Member for Resources, Commissioning and Contracts Management, said: “I am very pleased with our work in alternative investments and in enhancing the annual investment of the council, and this award recognises the excellence of everyone for playing their role in Bromley’s success. It bears testimony to the continuing excellence of our staff. I am delighted that our efforts have been acknowledged and I am positive that we will continue to succeed financially in the future.”

Picture shows: l to r Cllr Graham Arthur, Executive Member for Resources, Commissioning and Contract Management; Peter Turner, Director of Finance and Cllr Keith Onslow, Chairman of the Pensions Investment Sub-Committee.

ends

Notes to editors:

The full lists of winners on the night were:

  • Alternative Service Delivery Model of the Year: Cartrefi Conwy and Creating Enterprise
  • Finance Training and Development Initiative: NHS Wales Finance Academy
  • Good Governance and Risk Management Award: Assurance Lincolnshire Internal Audit Team, Lincolnshire County Council
  • Pensions, Treasury and Asset Management Award: London Borough of Bromley

Pensions, Treasury and Asset management Award

WINNER:  London Borough of Bromley

Judge’s comments: “Bromley demonstrated its breadth of use of alternative investments to optimise returns for the benefit of fund holders in a transparent and engaged manner.”

SHORTLIST:

Barnsley MBC in partnership with Ashmore Financial

LGSS Pensions

  • Internal Audit Award: Northern Care Alliance NHS Group and MIAA
  • Achievement in Financial Reporting & Accountability: The Corporate Core Team, Manchester City Council
  • Outstanding Procurement Initiative: Logistics 2017 Programme, Department for Work & Pensions
  • Community Engagement Project of the Year: Independent Living Fund Scotland
  • Digital Finance Project of the Year: Help to Live at Home Digital Improvements, Liverpool City Council
  • Solutions Partner: Oxygen Finance and Warwickshire County Council
  • Public Finance Future Leader of the Year: Sonia Virdee, Chief Accountant, Kent Police
  • Public Finance Leader of the Year: Brian Davey, Head of Financial Services, Transport for London
  • Finance Team of the Year – Central Government and National Bodies: The National Archives
  • Finance Team of the Year – Health: Finance Team, North Staffordshire Combined Healthcare NHS Trust
  • Finance Team of the Year – Local Services: Financial Services Centre, Transport for London

More information about the awards: https://www.publicfinanceawards.co.uk/2019-winners/


• For media enquiries, please contact Susie Clark on 020 8461 7911 or email susie.clark@bromley.gov.uk