Ms Colley attracted 2,707 votes, with Blackpool BC principal accountant Margaret Rawding coming second with 2,657 votes.
Turnout at the elections was 4,645, a 17% increase on last year. CIPFA president Ian Wood said: 'Institute members have given the council a real mandate for action and reversed the declining turnout of previous years.
21 new members elected to CIPFA Council
Local Government:Diane Colley, Rugby BC
Margaret Rawding, Blackpool BC
Mike Weaver, Worcestershire CC
Mike Shaw, Gateshead, MBC
Tony Redmond, Harrow LBC
John Butler, East Riding of Yorkshire Council
Chris Bilsland, Somerset CC
Tim Day, Stafford BC
Health:Hilary Daniels, North West Anglia Health Authority
Ian Perkin, St George's Healthcare NHS Trust
Audit:Chris Hurford, The Audit Commission
Mike Barnes, The Audit Commission
Other:Jeff Pipe, Freelance Consultancy
David Chynowth, USS Ltd
Cathy Bell, Woronora Consulting
John Scotford, Freelance Consultancy
Roger Tabor, Post Office
Stephen Sheen, Price Waterhouse and Co
John Sandbach, Liverpool Metropolitan University
Diane Colley topped the poll in this year's elections with 2,707 votes and Margaret Rawding came second with 2,657 votes.
Ian Wood, president of CIPFA commented:
'We are obviously delighted by the results. The long running success of the Institute depends on the qualities and experience which council members bring to their duties. By voting in such numbers this year, institute members have given the council a real mandate for action and reversed the declining turnout of previous years.'