Local authorities are independent bodies responsible for the proper administration of their financial affairs within the framework set by legislation and codes of practice issued by professional bodies, such as the Chartered Institute of Public Finance and Accountancy. Communities and Local Government and its predecessor Departments have issued guidance to authorities under statutory powers on specific aspects of financial management, including their power of investment and the new powers of trading and charging introduced in the Local Government Act 2003. These are available on the Department's website at:
http://www.local.odpm.gov.uk/finance/capital/data/lginvest2.pdf
http://www.communities.gov.uk/documents/localgovernment/pdf/133628
http://www.local.odpm.gov.uk/guidprop.pdf
Communities and Local Government has issued no guidance on the liabilities of elected councillors in respect of joint venture partnerships.