Herefordshire Council delivers draft balanced budget
Herefordshire Council has today published its draft statement of accounts for public inspection. The statements confirm that the council spent within its budget for 2017/18 and has set aside reserves for future years.
The detailed performance for the year will be reported to Cabinet in June. The statements of accounts provide an understanding of the financial position of the council and demonstrate that the financial position is sound and secure.
The council’s 2017/18 net revenue budget of £145m was matched with equivalent net spend, after transfers to and from specific reserves. Council reserves are proportionately comparable to similar councils and providing resilience as we face the challenges ahead.
Capital investment for 2017/18 totalled £49.2 and included investment in the highways network (£13.7m), Hereford City Transport Package (£6.1m), Colwall Primary School (£4.1m) and Hereford Enterprise Zone (£1.8m). No new long-term borrowing was required to be undertaken.
Every day the council helps to protect around 2,500 vulnerable adults and 1,000 children and young people (including 300 children in our care).
Our recent achievements include:
- Working with external partners to produce a business case which secured £23m of government funding to establish a new university in Hereford, of which the Council is the accountable body, and
- During the year the council realised the majority of the sale of its smallholding estate and the Council has approved that these funds (in excess of £40m) will be reinvested in regeneration projects throughout the County.
The external auditors, Grant Thornton, will commence their audit work to supply their opinion on whether the draft financial statements present a true and fair view of the financial position of the council, its expenditure and income and whether they have been prepared properly in accordance with accounting practice. This work is schedule to conclude in July.
The public are invited to view the accounts from 1 June 2018 to 12 July 2018 inclusive, where you may question the auditor about the accounts, or make an objection to the accounts. A guide to your rights can be found at https://www.nao.org.uk/code-audit-practice/wp-content/uploads/sites/29/2015/03/Council-accounts-a-guide-to-your-rights.pdf
Published: Thursday, 31st May 2018