Action+Plan+Finance+Control+Mechanisms

ACTION NAME: **To implement better Financial Control mechanisms and reduce reaction times.**

It’s important to be able to act decisively and rapidly if a financial problem or emergency should occur. The Board needs to be confident that they can trust that the administrative staff have control and present viable and effective solutions. When difficult decisions have to be made the Board must also be able to act quickly, and that requires trust and good communications.
 * DESCRIPTION**

For every Board meeting there must be an official financial status report. In addition we need to access accurate and up to date financial analyses when unusual and significant events occur. The college may need to act quickly in the case of sudden and significant shortfall of income or rapidly rising costs materialises.
 * MEASURABLE GOAL**

Director of Finances
 * RESPONSIBLE PERSON**

No extra costs
 * COST**

4. To create a more secure, longer term and sustainable financial and funding model 4.3 Maintain cost discipline and control.
 * RELEVANT FOR:**

March 2011 - discipline evident in the audited account for 2010. Commended by the board in Feb 2011. Updates on current financial position shows that we have a good financial position. Feb 2011 Directorate warned against having a budget in surplus. The Board are satisfied however with the current practice - which shows responsible management. November 2011 Authorising short term loans - Signatures by Board members agreed if Chair not available for urgent needs May 2012 Discipline continues to function well see report to the RCN Council April 2012 Personnel costs rising faster than income.
 * STATUS:**