Budgets are examined and monitored at the Police and Crime Commissioner’s monthly scrutiny meetings.
This is because the PCC is committed to making sure Cleveland tax payers get value for money.
As a result, the PCC regularly monitors the Long Term Financial Plan. They work with the Chief Executive to hold the Chief Constable to account for delivering services within the agreed budget.
The Annual Investment Strategy makes sure the Office of the Police and Crime Commiossioner (OPCC) invests its money in certain ways. These are governed by the following national guidelines:
- Local Government Investments (issued March 2004)
- Chartered Institute of Public Finance and Accountancy (CIPFA’s) Treasury Management in Public Services (2011 Edition.)
To make sure the OPCC keeps to the rules, it has an Investment Strategy.
The main priorities are to make sure investments are:
- Secure, and;
- The OPCC has enough access to the money invested.
As a result, this strategy aims to get the best return for the OPCC. It also makes sure the right levels of security and liquidity are maintained.
The OPPC can only invest its money in certain ways and within certain limits. This is in line with guidance on Local Government Investments.
The guidance says the OPCC must invest its money in legal and relatively low risk ways.
The OPCC’s investment strategy is included in Appendix A of the Treasury Management Strategy and Prudential Indicators 2022-23