A phenomenological description for the dynamical spin susceptibility $chi({bf q},omega;T)$ observed in inelastic neutron scattering measurements on powder samples of LiV$_2$O$_4$ is developed in terms of the parametrized self-consistent renormalization (SCR) theory of spin fluctuations. Compatible with previous studies at $Tto 0$, a peculiar distribution in ${bf q}$-space of strongly enhanced and slow spin fluctuations at $q sim Q_c simeq$ 0.6 $AA^{-1}$ in LiV$_2$O$_4$ is involved to derive the mode-mode coupling term entering the basic equation of the SCR theory. The equation is solved self-consistently with the parameter values found from a fit of theoretical results to experimental data. For low temperatures, $T lesssim 30$K, where the SCR theory is more reliable, the observed temperature variations of the static spin susceptibility $chi(Q_c;T)$ and the relaxation rate $Gamma_Q(T)$ at $qsim Q_c$ are well reproduced by those suggested by the theory. For $Tgtrsim 30$K, the present SCR is capable in predicting only main trends in $T$-dependences of $chi(Q_c;T)$ and $Gamma_Q(T)$. The discussion is focused on a marked evolution (from $q sim Q_c$ at $Tto 0$ towards low $q$ values at higher temperatures) of the dominant low-$omega$ integrated neutron scattering intensity $I(q; T)$.
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