Balancing the Books – Our Finances…
Our prudent and effective approach to managing our finances is now well established.
This was a difficult year for the Council, as we witnessed continuing financial pressures due to the Recession and a funding cut from central government. Yet, in 2010/11 we saved over £1m compared to our Budget. This is the 7th year that we have successfully balanced the books and generated a surplus by the end of the financial year. We also have £2.4 million in reserves which provides a good cushion against unexpected costs in today’s tough economic climate.
We get money from a variety of sources. For each £1 we spend, 20p comes from Council Tax, 60p comes from Government Grants and 20p from the sale of buildings and land, reserves and other contributions. Other contributions includes money a developer may provide to offset any negative impacts caused by their construction or development.
For every £1 of Council Tax you pay, 15p pays for services delivered by Hyndburn Borough Council, with the rest paying for services delivered by Lancashire County Council, Lancashire Policy Authority and Lancashire Fire Authority.
How your money funds our priorities
The priorities are set and reviewed on a regular basis.
The Council spends less money on certain priorities where other organisations in Hyndburn take the lead. This is particularly true in health and education.
Our money is split into revenue and capital expenditure. Revenue expenditure covers running costs and includes things like employing staff and paying for electricity. Capital expenditure pays for one-off projects which deliver a physical product such as a new community facility.
What we spend the money on
Here is a list of the major capital projects undertaken in 2010/11, together with what’s planned for 2011/12.
The statement of accounts for 2010-11 includes:
- The full Statement of Accounts, along with other summarised extracts of the key points
- The Balance Sheet, which provides summary information on the Council’s assets, liabilities and net worth
- A glossary of accounting terminology