Income and Expenditure Account
2005/06 |
|
| 2006/07 | 2006/07 | 2006/07 |
Restated Net Expenditure £000 | Note | Gross Expenditure £000 | Income £000 | Net Expenditure £000 | |
| CONTINUING SERVICES | |||||
353,889 | Education Services | 2 | 500,132 | (441,149) | 58,983 |
119,639 | Social Services | 190,339 | (62,608) | 127,731 | |
40,745 | Highways, Roads & Transport Services | 51,098 | (13,848) | 37,250 | |
44,176 | Cultural, Environmental & Planning Services | 3 | 63,012 | (16,922) | 46,090 |
1,234 | Central Services to the Public | 1,732 | (545) | 1,187 | |
460 | Courts Services | 405 | (16) | 389 | |
89 | Housing Services | 193 | (65) | 128 | |
6,234 | Corporate and Democratic Core | 10,611 | (4,345) | 6,266 | |
1,043 | Non Distributed Cost | 3,309 | (105) | 3,204 | |
567,509 | NET COST OF SERVICES | 820,831 | (539,603 | 281,228 | |
| OTHER ITEMS | |||||
236 | Flood defence levies | 248 | |||
(787) | Net (surplus)/deficit on trading a/c’s | 4 | (1,110) | ||
18,833 | Interest payable | 19,806 | |||
18,833 | Interest payable | 19,806 | |||
(5,239) | Interest and investment income | (6,989) | |||
2,100 | Pensions – Interest cost & expected return on assets | 5 | (2,400) | ||
(5,545) | Principal & Interest on transferred debt | (5,617) | |||
577,107 | NET OPERATING EXPENDITURE | 285,166 | |||
(191,022) | Precepts on District Councils | (201,048) | |||
(188,473) | Distribution from Non-Domestic Rates | (66,423) | |||
(166,422) | Revenue Support Grant | 2 | (12,822) | ||
(585) | Surplus on Collection Funds | (738) | |||
(570) | Local Authority Business Growth Incentive Scheme | (2,232) | |||
30,035 | DEFICIT FOR THE YEAR (a) | 1,903 |
Statement of Movement on the General County Fund Balance
The Income and Expenditure Account shows the Council’s actual financial performance for the year, measured in terms of the resources consumed and generated over the last twelve months. However, the authority is required to raise council tax on a different accounting basis, the main differences being:
Capital investment is accounted for as it is financed, rather than when the fixed assets are consumed.
Retirement benefits are charged as amounts become payable to pension funds and pensioners, rather than as future benefits are earned.
The General County Fund Balance shows whether the Council has over or under spent against the council tax that it raised for the year, taking into account the use of reserves built up in the past and contributions to reserves earmarked for the future expenditure.
This reconciliation statement summarises the differences between the outturn on the Income and Expenditure Account and the General County Fund Balance.
2005/6 £000 | 2006/7 £000 | |
30,035 | Deficit for the year on the Income and Expenditure Account (a) | 1903 |
(30,628) | Net additional amount required by statute and non-statutory proper practices to be debited or credited to the General Fund Balance for the year (b) | (237) |
(593) | (Increase) / Decrease in General County Fund Balance for the year | 1,666 |
(33,762) | General County Fund Balance brought forward | (34,355) |
(34,355) | General County Fund Balance carried forward (c) | (32,689) |
Analysis of the movement on the General County Fund Balance for the year between the amount generally available to the authority and the net amount held by schools under locally management schemes:
2005/6 £000 | 2006/7 £000 | |
(20,130) | Amount of General County Fund Balance held by schools under local management schemes | (19,771) |
6,800) | Amount of General County Fund set aside for other earmarked sums | (4,439) |
(7,425) | Amount of General County Fund generally available for new expenditure | (8,479) |
| (34,355) | Total General County Fund Balance (c) | (32,689) |
Note of reconciling items for the Statement of Movement on General County Fund Balance:
2005/06 £000 | Note | 2006/07 £000 | |
| Amounts included in the Income and Expenditure Account but required by statute to be excluded when determining the Movement on the General County Fund Balance for the year |
| ||
(39) | Amortisation of intangible fixed assets | 6 | (167) |
(53,088) | Depreciation and impairment of fixed assets | 6 | (42,363) |
(8,314) | Deferred charges treated as revenue expenditure in accordance with the SORP, but which are classified as capital expenditure by statute | 10 | (4,429) |
17,247 | Government Grants Deferred amortisation | 13 | 22,983 |
0 | Net gain / (loss) on sale of fixed assets |
| 0 |
(6,398) | Net charges made for retirement benefits in accordance with FRS 17 |
| (7,170) |
(50,592) |
| (31,146) | |
| Amounts not included in the Income and Expenditure Account but required to be included by statute when determining the Movement on the General County Fund Balance for the year |
|
|
11,798 | Statutory provision for repayment of debt |
| 13,399 |
1,187 | Capital expenditure charged in-year to the General Fund Balance |
| 720 |
12,985 |
| 14,119 | |
| Transfers to or from the General County Fund Balance that are required to be taken into account when determining the Movement on the General County Fund Balance for the year |
|
|
6,979 | Net transfer to earmarked reserves |
| 16,790 |
(30,628) | Net additional amount required to be charged to the General County Fund Balance for the year (b) |
| (237) |
Statement of Total Recognised Gains and Losses
2005/6 £000 | Note | 2006/7 £000 | |
30,035 | (Surplus) / Deficit for the year on the Income and Expenditure Account (a) | 1,903 | |
(56,255) | Surplus arising on revaluation of fixed assets | 6 | (42,628) |
4,602 | Actuarial (gains) / losses on the pension fund assets and liabilities | 5 | (64,170) |
(4,447) | Other (gains) / losses required to be included in the STRGL | 1,963 | |
(26,065) | Total recognised (gains) / losses for the year | (102,932) |
Balance Sheet as at 31 March 2007
31 March 2006 £000 | Note | 31 March 2007 £000 | 31 March 2007 £000 | |
| FIXED ASSETS | 6-12 | |||
798 | Intangible Assets |
|
| 631 |
|
|
|
| |
| Tangible Assets |
|
|
|
596,899 | Land and buildings |
| 632,784 |
|
3,609 | Vehicles, plant & equipment |
| 3,910 |
|
155,856 | Infrastructure |
| 171,139 |
|
9,966 | Community assets |
| 11,231 |
|
766,330 |
| 819,064 | ||
| Non-Operational Assets |
| ||
3,301 | Investment properties |
| 3,101 | |
5,704 | Assets under construction |
| 18,751 | |
3,016 | Surplus assets, held for disposal |
| 3,131 | |
12,021 |
|
| 24,983 | |
40,000 | Long term investments | 22 |
| 65,000 |
59,138 | Long term debtors | 23 |
| 59,957 |
6,086 | Deferred premiums on early repayment of debt | 24 |
| 7,447 |
884,373 | Total Long Term Assets |
|
| 977,082 |
| CURRENT ASSETS |
|
|
|
3,738 | Landfill Allowances |
| 3,892 |
|
777 | Stocks and work in progress | 25 | 998 |
|
38,060 | Debtors | 23 | 34,269 |
|
4,248 | Payments in advance |
| 8,024 |
|
106,995 | Short term investments | 22 | 76,615 |
|
153,818 |
|
| 123,798 | |
| CURRENT LIABILITIES |
|
|
|
| Borrowing repayable on demand or |
|
|
|
(650) | within 12 months | 28 | (650) | |
(74,144) | Creditors | 27 | (77,859) | |
(1,323) | Cash overdrawn | 26 | (5,462) |
|
(12,363) | Receipts in advance |
| (12,258) |
|
(88,480) |
|
| (96,229) | |
65,338 | Net current Assets |
|
| 27,569 |
949,711 |
|
| 1,004,651 | |
| LONG TERM LIABILITIES |
|
|
|
(361,729) | Long term borrowing | 28 | (361,144) |
|
(387) | Deferred liabilities | 32 | (336) |
|
(12,532) | Provisions | 29 | (7,236) |
|
(209,700) | Defined benefit pension scheme | 5 | (152,700) |
|
(7,660) | Capital contributions unapplied | 30 | (10,575) |
|
(173) | Deferred discounts on early repayment of debt | 24 | (3,573) |
|
(644,376) |
|
| (596,384) | |
305,335 | Net Assets |
|
| 408,267 |
| FINANCED BY |
|
|
|
334,087 | Fixed asset restatement account | 31 |
| 371,028 |
124,864 | Capital financing account | 31 |
| 118,497 |
(209,700) | Pension reserve | 31 |
| (152,700) |
142 | Other capital reserves |
|
| 142 |
2,358 | Capital receipts unapplied | 31 |
| 2,078 |
19,229 | Revenue reserves | 31 |
| 36,533 |
26,930 | County fund: Earmarked sums | 31 | 24,210 |
|
7,425 | Uncommitted balance | 31 | 8,479 | 32,689 |
305,335 |
|
| 408,267 |
The net worth of the authority as at 31st March 2006 has been amended from £359.089m to £305.335m to comply with SORP 2006. Capital Contributions Unapplied has now moved to Long Term Liabilities in the top half of the balance sheet. In addition the opening balance has been restated to incorporate the inclusion of East Midlands Regional Assembly.
2005/06 |
| 2006/07 | 2006/07 | 2006/07 | |
£000 | Note | £000 | £000 | £000 | |
| Revenue Activities |
| ||||
| Cash outflows: |
| ||||
439,914 | Cash paid to and on behalf of employees |
| 459,865 | ||
290,457 | Other operating costs |
| 276,659 | ||
730,371 |
| 736,524 | |||
| Cash inflows: |
| ||||
(191,022) | Precepts on district councils |
| (201,048) | ||
(188,473) | Non-domestic rate income |
| (66,423) | ||
(165,299) | Revenue support grant |
| (12,822) | ||
(115,917) | Other government grants | 38 | (424,068) | ||
(101,853) | Cash received for goods and services |
| (64,243) | ||
(3,825) | Other revenue cash income |
| (4,091) | ||
(766,389) |
| (772,695) | |||
(36,018) | Revenue activities cash inflow | 39 |
| (36,171) | |
| Return on Investments and Servicing of FinanceFinance |
|
| |||
| Cash outflows: |
|
|
| ||
19,641 | Interest paid |
| 21,606 |
|
|
(479) | Premiums paid/discounts received |
| (1,918) |
|
|
131 | Lease rentals | 134 |
|
| |
19,293 |
|
| 19,822 |
| |
| Cash inflows: |
|
|
|
|
(9,721) | Interest received |
|
| (9,571) |
|
9,572 |
|
| 10,251 | ||
| Capital Activities |
|
|
| |
| Cash outflows: |
|
|
|
|
81,486 | Purchase of fixed assets |
| 71,263 |
|
|
8,889 | Other capital cash payments |
| 5,878 |
|
|
90,375 |
|
| 77,141 |
| |
| Cash inflows: |
|
|
|
|
(3,813) | Sale of fixed assets |
| (4,640) |
|
|
(19,909) | Capital grants received |
| (29,735) |
|
|
(6,893) | Other capital contributions |
| (7,912) |
|
|
(30,615) |
|
| (42,287) |
| |
59,760 |
|
| 34,854 | ||
33,314 | Net cash (inflow)/ outflow before Financing |
|
|
| 8,934 |
| Management of Liquid Resources |
|
|
|
|
40,991 | Net change in investments | 40 |
|
| (5,380) |
|
|
|
| ||
| Financing |
|
|
| |
| Cash outflows: |
|
|
|
|
36,024 | Repayments of amounts borrowed |
|
| 100,185 |
|
| Cash inflows: |
|
|
|
|
(108,142) | New loans raised |
|
| (99,600) |
|
(72,118) |
|
|
| 585 | |
|
|
|
|
| |
2,187 | (Increase)/Decrease in Cash | 40 |
|
| 4,139 |