Ms Colley attracted 2,470 votes compared with the 2,174 for second placed Margaret Rawding, principal accountant at Blackpool BC.
But turnout this year was low. Just 29% of CIPFA's membership voted, down from just under 33% last year.
Local government members of the CIPFA Council 2000-01
Diane ColleyRugby BC2,470
Margaret RawdingBlackpool BC2,174
Tony RedmondHarrow LBC2,053
John ButlerEast Riding of Yorkshire 2,041
Chris BilslandSomerset CC2,012
Roger ScottMole Valley DC1,888
Trevor SalmonBelfast City Council1,593
Lyn JamesBridgend CBC1,556
Derek YuleClackmannanshire Council1,488