Title

FINANCE

Prepare for the worst and hope for the best

In the current climate all that local government can do is prepare a range of scenarios and reactions, says Gary Fielding. 'It feels like the best approach is to prepare for the worst, hope for the best and be unsurprised with anything in-between.'

As chief finance officers (CFOs) we know it is up to us for leadership on financial planning. People expect a well defined plan with a clear process where we bring together technical and service considerations along with stakeholder management.

We ordinarily would have some idea about the impending financial dilemma and a good idea about what we needed to do. Of course, we could dust off last year's plans and update them and carry out some targeted reviews of services that cause concern.

While budgeting is never a precise science we expect a sound framework and some rigour. We expect some quantifiable assessment of what the spending needs are and how that compares with funding expectations. That meant bridging a funding gap and generating savings ideas.

A few days ago I was asked about how much progress was being made by councils on budgets and longer-term financial plans and I confess I felt the most powerless in my eight years as an austerity CFO. We can only guess how this year will end; we have no provisional funding settlement beyond the next six months; there is doubt about the corporate and social responsibility; we could still be mid-COVID. The public finances are going to be pummelled among other such imponderables.

In this climate how is it possible to construct a coherent financial plan when there are so many moving parts?

I've tried to give myself a good talking to as I know that planning is even more important in uncertain times but I keep concluding that all we can do is prepare a range of scenarios and reactions. Only last year we were told austerity had ended, so many may not be well prepared for some tough choices. But it feels like the best approach is to prepare for the worst, hope for the best and be unsurprised with anything in-between.

Gary Fielding is corporate director of strategic resources at North Yorkshire CC and president of the Society of County Treasurers

FINANCE

Invisibility will be the mark of good stewardship

By Tracy Bingham | 03 August 2026

Leaving a lack of 'unpleasant surprises' will be the true mark of a successful transition following reorganisation, writes Tracy Bingham

FINANCE

CIPFA report uncovers 'weak financial management' at Hillingdon

By Martin Ford | 31 July 2026

Hillingdon LBC must change course to avoid relying on exceptional financial support (EFS) for years to come, a report has concluded.

FINANCE

Climate policy that passes the Makerfield test

By Graham Duxbury | 30 July 2026

Climate action must drive good growth and lower living costs across every community, says Graham Duxbury.

FINANCE

Finding a permanent solution to a temporary problem

By Rebecca Davis | 30 July 2026

Using the results from a recent service set up in the West Midlands, Rebecca Davis reveals how collaborative regional recruitment can empower councils to red...

Popular articles by Gary Fielding