Financial Management 5 – Assignment Example

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IntroductionThe report presents the manner in which Greater Manchester Fire and Rescue Service is working to improve the operational area and the manner in which the senior management has been able to deliver proper services. The report looks into the manner the different proposed budget cut in staff, equipments and premises will benefit the organization. The paper also highlights the manner in which Greater Manchester Fire and Rescue Service will be able to handle it and need to decide the future course of action after weighing th positives and negatives before taking a course of action. OverviewGreater Manchester Fire and Rescue Service which works in the area of protecting human lifes by redcing casualties have ensured a smooth financial performance which helps them to meet their objectives both in the short and long run.

The senior management has ensured that the stakeholders give special care and attention to ensure prudent financial managment policies. This has helped Greater Manchester Fire and Rescue Service to achieve the followingEnable to ensure a long term planning on the investment frontier so that the operations of Greater Manchester Fire and Rescue Service are cariried out easily. Acquisition of new fire stations, equipment and fire-fighting technologies which add to their asset base and help them ensure better service delivery by saving lifes. Enabling safety of the fire fighters through proper equipments and insurance facilities. The United Kindgdom slowly coming out of an economy is proposing a cut of 5% on public spending so that the economic conditions doesnt affect their services.

Greater Manchester Fire and Rescue Service has thereby identified the area where they can reduce their expenses and the manner in which it will affect the operations. Proposed Budget Cut AreasGreater Manchester Fire and Rescue Service are looking towards cutting expenditure by 5% in the following areas. Reduction in StaffGreater Manchester Fire and Rescue Service which has around 1,960 staff spread over 39 destinations look after the society in times of casualties.

(Annual Report, 2010) Of the total staff working for Greater Manchester Fire and Rescue Service around 1911 are full time fighters, 39 retained on duty terms and the remaining work on other issues concerned the department. (Annual Report, 2010) Greater Manchester Fire and Rescue Service speds around 68% of their entire revenues on staff and reducing the expenses will have a large impact on the financial planning and will help them save. Greater Manchester Fire and Rescue Service by redicing can look forward towards the following impact and benefits that will accrue to them.

They are as followsHowImpactReduce ImpactReduce the staff working in different areas other than the main operation and also reevalute the real fire fighters requiredChances of strices and agitationDevelop a work enviornment which is flexible and prepare employees from the beginning for such a situationReduction in employees training and medical camp which are of little useReduce the morale of the employeesUse talented people who motivate the employees through other measuresOutsource the employes in situation they are requiredLack of necessary skills to perform the art of fire fightersCollaborate with educational institute who train and guide the employeesThis will help Greater Manchester Fire and Rescue Service to ensure that there is smooth transformation for the employees and by having proper internal control and monitoring devices Greater Manchester Fire and Rescue Service will be able to redcue the staff expenses.

This will greatly benefit Greater Manchester Fire and Rescue Service as they will be able to improve efficieny. Reduction in EquipmntGreater Manchester Fire and Rescue Service by reducing the staff is looking towards upgrading their equipment and tools so that the fire fighters are able to render similar services and are able to build a good rapport with the public. The financial statement for Greater Manchester Fire and Rescue Service highlights that £4.533 million has been incurred under capital expenditures.

The expenditure by Greater Manchester Fire and Rescue Service which are of capital nature has been done on the following

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