ASSET MANAGEMENT PLANS (AMP'S)
A plan maintained by the authority of the condition and suitability of its buildings, updated regularly and utilised to prioritise future capital programmes.  These plans will for, part of the future government strategies in allocating in allocating capital resources.

BAND D PROPERTY
Property band commonly used to specify the average council tax. The band includes property values between £68,001 and £88,000 9as at 1st April 1991).

BEST VALUE
A duty placed on local councils that came into force in April 2000 with the aim of improving the effectiveness, efficiency, economy and quality of local services.

BEST VALUE ACCOUNTING
A standard method of presenting financial information on a total cost basis that has been recommended by CIPFA. Compliance with the Best Value Accounting Code of Practice should facilitate comparisons to be made between different local authorities.

BETTER ACCESS TO BETTER SERVICES (BABSI)
A new initiative introduced by the authority to improve access to services.  This will involve working with other providers, such as District Councils and the Health Service as well as community and voluntary groups, to make services more accessible in Leicestershire.

BILLING AUTHORITY
A local authority that has the power to set and collect Council Taxes. In the area served by the County Council these are the seven District Councils.

BUDGET
A statement of the Council's policy expressed in financial terms.

BUDGET REQUIREMENT
Estimated revenue expenditure, net of income from specific grants, fees and charges for services and any use of reserves.

CAPITAL CHARGES
Charges to services for the use of assets. Includes depreciation and notional interest on capital assets used by services.

CAPITAL EXPENDITURE
Expenditure on the acquisition of fixed assets or expenditure that adds to the life or value of an existing fixed asset.

CAPITAL FINANCING COSTS/FINANCING OF CAPITAL
Costs associated with borrowing to finance capital expenditure. Includes capital expenditure financed by revenue and debt management costs.

CAPITAL PROGRAMME
The authority's plan of capital works for the future years. Expenditure on the acquisition of fixed assets or expenditure that adds to the life or value of an existing fixed asset.

CENTRAL SERVICES RECHARGES
The transfer of costs from central services departments to service departments to reflect the support services provided, e.g. payroll.

CIPFA
Chartered Institute of Public Finance and Accountancy.

CORPORATE AND DEMOCRATIC CORE
Costs associated with County Council members and corporate management.

COUNCIL TAX
The Council Tax was introduced in 1993/94. Each residential property is placed in one of the eight council tax valuation bands determined by its estimated market value on 1st April 1991. There are discounts including where only one adult lives in the property. Bills are also reduced for properties with people on low incomes, some people with disabilities and some other special cases.

COUNTY FUND
The main revenue fund of the Council. Income from the Council Tax precept and Government grants are paid into the fund, from which the cost of providing services is met.

DEFRA
Department for Environment, Food and Rural Affairs.

EARMARKED RESERVES
Reserves which are set aside for specific purposes.

FLOOD DEFENCE LEVIES
Amounts payable to the Environment Agency to deal with flood defences.

FORMULA SPENDING SHARE (FSS)
A formula representing spending needs which is the main determinant of an authority's Revenue Support Grant (RSG). FSS's make use of information reflecting the demographic, physical and social characteristics of each area. The formulae show basic amounts for each client group and various
"top-ups", e.g. for deprivation.

LOCAL TRANSPORT PLAN (LTP)
A rolling five year plan of local transport strategies for achieving an integrated transport system to tackle the problems of congestion and pollution.

MEDIUM TERM CORPORATE STRATEGY
A strategy which identifies priorities for service development.

NATIONAL NON DOMESTIC RATES (BUSINESS RATES)
The business rate poundage is the same for all non domestic rate payers and is set annually by the Government. Income from business rates goes into a central pool which is then distributed to local authorities according to the resident population.

OFFICE OF THE DEPUTY PRIME MINISTER (ODPM)
A government office created as a central department in its own right in May 2002. It brings together key responsibilities for regional and local government, fire, housing, planning and regeneration.

OTHER FUNDING SOURCES
Income received from other bodies for particular services, eg Learning and Skills Council funding of Sixth Forms and Lottery/ New Opportunity Funding of specific projects.

'PASSPORT'
A term used to reflect the Government's desire that the increase in the Schools FSS should be reflected in the budgets allocated to Schools.

PRECEPT
The income which the Council requires a District Council to raise on its behalf from Council Tax.

PROVISION
An amount set aside for future liabilities/losses.

PRUDENTIAL CODE
The Local Government Act 2003 replaced detailed central government controls over the level of local authority capital expenditure with a system of self regulation based upon a requirement to ensure that capital expenditure plans are affordable, sustainable and prudent, as prescibed in CIPFA's prudential code.

PUBLIC SERVICE AGREEMENT (PSA)
An agreement between the County Council and the Government setting out publicly clear targets for improved performance in twelve service areas. Initial funding is made available through a pump-priming grant. A reward grant is paid if targets are achieved.

RESERVES / FINANCIAL RESERVES
Savings or funds set aside to finance future spending pressures and unknown contingencies.

REVENUE EXPENDITURE
Expenditure that the Council incurs on the day to day running costs of its services including salaries and wages, running expenses of premises and vehicles as well as the annual repayment of debt charges.

REVENUE SUPPORT GRANT (RSG)
Revenue Support Grant is paid by the Government in respect of local authority expenditure generally. The grant is distributed according to an assessment of needs as measured by the Formula Spending Share (FSS) and an authority's capacity to raise Council Tax.

SPECIFIC GOVERNMENT GRANTS
Grants paid by the Government for particular services, eg Magistrates' Courts or specific service areas/projects, eg School Standards Grant and Mandatory Awards to Students.

STANDARD SPENDING ASSESSMENT (SSA)
Standard Spending Assessments were replaced from 2003-04 by Formula Spending Shares (FSS). SSA was the Government's assessment of the amount each authority would need to spend to provide a standard level of service consistent with the Government's view of the amount that all authorities should incur. SSA's made use of information reflecting the demographic, physical and social characteristics of each area.

THIRD PARTY PAYMENTS
Payments to agencies and contracted service providers, eg payments to private sector nursing homes.

TRANSFER PAYMENTS
Payments to individuals for which no goods or services are received in return by the local authority, eg Mandatory Awards.

UNAPPORTIONABLE CENTRAL OVERHEADS
Central costs not included within the cost of individual services, eg charges for added years and early retirement.