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The UK-based Chartered Institute of Public Finance and Accountancy (CIPFA) has established a partnership with the US-based Government Finance Officers Association (GFOA) to develop an adaptation of CIPFA’s Financial Management (FM) Model in North America.
GFOA is the professional association representing approximately 17,500 state, provincial, and local government finance officers in the United States and Canada.
CIPFA is the professional body for people in public finance with 14,000 members in the UK. CIPFA is the world’s only professional accountancy body to specialise in public financial management and works with public bodies around the world to advance public finance and support better public services.
The FM Model is a repository of best practice and a diagnostic toolkit designed to allow public bodies to undertake a self-assessment of their financial management. The model provides evidence of weaknesses and sub-optimal practices, which is useful in the identification of efficiency gains.
The bespoke model has been adapted and developed for North America with the aim of cataloguing examples of best practice and facilitating networking between public bodies to allow them to gauge their financial management performance.
CIPFA’s FM Model, now in its third generation, emphasises risk management, efficiency, productivity and collaborative working.
The model gives boards of public bodies a picture of financial management in their organisation and creates a profile of strengths and weaknesses. It can be used to test existing arrangements against best practice and identify improvements.
Jon Graham, CIPFA’s Managing Director, commented,
“CIPFA’s Financial Management Model has long been a key tool for public sector managers, allowing public bodies in the UK to identify cost-cutting opportunities and provide public services more efficiently.
“We are delighted that GFOA has opted to work with us to develop an adaptation of the FM Model for America.”
Anne Kinney, Research and Consulting Director at GFOA, said,
“The FM Model’s track record of success in the UK makes it an attractive as the basis for a model in the US. Working with CIPFA, we hope that the model will help to increase productivity and create savings in the delivery of public services.”
Contact: Lindsay Machin / Tim Windle
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