Birmingham City Council Statement of Accounts 2016 to 2017 Audited

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Birmingham City Council Statement of Accounts 2016 to 2017 Audited Statement of Accounts 2016/17 Birmingham City Council Accounts for the Year Ended 31 March 2017 Index Contents Page Notes to the Core Financial Statements Narrative Report 5 Core Financial Statements Comprehensive Income and Expenditure Statement 16 Movement in Reserves Statement 17 Balance Sheet 18 Cash Flow Statement 19 Notes to the Core Financial Statements 20 Supplementary Financial Statements Housing Revenue Account - Income and Expenditure Statement 132 Movement on the Housing Revenue Account Statement 133 Notes to the Housing Revenue Account 134 Collection Fund Income and Expenditure Account Notes to the Collection Fund 138 Group Accounts Narrative Report 142 Group Comprehensive Income and Expenditure Statement 145 Group Movement in Reserves Statement 146 Group Balance Sheet 147 Group Cash Flow Statement 148 Notes to the Group Accounts 149 Annual Governance Statement 2016/17 184 Statement of Responsibilities 204 Glossary 205 Auditor's Report 211 2 Birmingham City Council Accounts for the Year Ended 31 March 2017 Note Note Page Setting the Accounts Framework Accounting Policies 1 20 Critical Judgements in Applying Accounting Policies 2 43 Assumptions Made About the Future and Other Major Sources of Estimation 3 46 Uncertainty Events After the Reporting Period 4 48 Notes supporting the Comprehensive Income and Expenditure Statement Expenditure and Funding Analysis 5 51 Note to the Expenditure and Funding Analysis 6 52 Prior Period Restatement of Service Expenditure and Income 7 53 Expenditure and Funding Analysis by Nature of Activity 8 55 Material Items of Income and Expense 9 55 Other Operating Expenditure 10 56 Financing and Investment Income and Expenditure 11 57 Taxation and Non Specific Grant Income and Expenditure 12 57 Trading Operations 13 58 Grant Income 14 60 Dedicated Schools Grant 15 62 Notes Supporting the Movement in Reserves Statement Adjustments Between Accounting Basis and Funding Basis Under Regulations 16 63 Transfers To/(From) Earmarked Reserves 17 66 Usable Reserves 18 66 Unusable Reserves 19 70 Pension Schemes Accounted for as Defined Contribution Schemes 20 77 Defined Benefit Pension Schemes 21 78 Notes Supporting the Balance Sheet Property, Plant and Equipment 22 85 Heritage Assets 23 90 Intangible Assets 24 92 Long Term Investments 25 93 Long Term Debtors 26 93 Short Term Investments 27 93 Assets Held for Sale 28 94 Short Term Debtors 29 95 Cash and Cash Equivalents 30 95 Short Term Creditors 31 95 Provisions 32 96 Contingent Liabilities and Contingent Assets 33 98 Council Borrowing 34 100 Notes Supporting the Cash Flow Statement Cash Flow Statement - Operating Activities 35 100 Cash Flow Statement - Investing Activities 36 100 Cash Flow Statement - Financing Activities 37 101 Cash Flow Statement - Other Adjustments 38 101 3 Birmingham City Council Accounts for the Year Ended 31 March 2017 Disclosures providing additional supporting information Financial Instruments 39 102 Nature and Extent of Risks Arising from Financial Instruments 40 106 Capital Expenditure and Capital Financing 41 110 Leases 42 111 Service Concession Arrangements 43 113 Members' Allowances 44 115 Officers' Remuneration 45 116 Exit Packages 46 118 Auditor Remuneration 47 119 Related Parties 48 119 The Council Acting as Agent 49 126 Trust Funds 50 129 4 Birmingham City Council Accounts for the Year Ended 31 March 2017 Narrative Report 1 Introduction 1.1 This report presents the statutory financial statements for Birmingham City Council (the Council) for the period from 1 April 2016 to 31 March 2017. The financial statements have been prepared in accordance with the 2016/17 Code of Practice on Local Authority Accounting (The Code) published by the Chartered Institute of Public Finance and Accountancy (CIPFA). 1.2 This narrative report provides a summary of the Council’s financial position and details of material items that have impacted on the accounts during the year. 1.3 The financial statements contain a number of technical accounting terms and concepts. A glossary of the major accounting terms has been provided at the end of the financial statements to help the reader’s understanding. 2 Council Priorities 2.1 The Council’s vision for the City is one of: ‘A city of growth where every child, citizen and place matters’ and sets out clear priorities for the Council: Children - a great place to grow up in: Make the best of our diversity and create a safe and secure city for our children and young people to learn and grow Housing – a great place to live in: Provide housing in a range of types and tenures to meet the housing needs of all the current and future citizens of Birmingham Jobs and Skills – a great place to succeed in: Build on our assets, talents and capacity for enterprise and innovation to shape the market and harness opportunity Health – a great place to grow old in: Help people become healthier and more independent with measurable improvement in physical activity and mental wellbeing. 2.2 The Council recognises that it is one partner in achieving these priorities. The significant reductions in Government funding since 2010 mean that the Council’s role has changed from one of service delivery across the City to one where it enables partners, communities and individuals. 3 Background to 2016/17 3.1 The Council has continued to operate within an extremely challenging financial environment and the management of the budget has been a major focus of activity in 2016/17. 5 Birmingham City Council Accounts for the Year Ended 31 March 2017 3.2 The Birmingham Independent Improvement Panel (BIIP), appointed following the publication of the report on the governance and organisational capabilities of the Council by Lord Kerslake, has provided a number of progress reports to the Secretary of State. The BIIP reported to the Secretary of State in November 2016 on the progress the Council has made in those areas that required improvement and has supported the broad direction of travel. However, it was acknowledged that some of the crucial developments were at an early stage of design, implementation and adoption and that the changes had not yet filtered through to front-line staff or partners. 3.3 The BIIP had previously commented that the four-year financial strategy adopted for the 2016/17 - 2019/20 period was extremely challenging and that the transformational nature of the key proposals would be a serious test for the Council to deliver. The Council has been unable to deliver all of the savings planned for 2016/17, which has led to an overspend on the budget. 3.4 An independent financial review was commissioned jointly by the Council and the BIIP to assess whether the budget proposals for 2017/18 were realistic. The independent review identified that there were a number of areas where the Council’s plans were ambitious and recommended that the Council prepare a contingency savings plan and a consistent set of delivery plans with clear accountabilities. Following a further visit in January 2017, the independent review team concluded that the Council had taken the recommendations on board and responded well, although not all recommendations had been fully implemented at the time of the report. 3.5 The BIIP provided a further report to the Secretary of State in February 2017 that concluded the Council had put in place more robust and credible financial plans. However, the report stated that the plans and strategies would not be easy to implement and that some of the implementation timetables were extremely ambitious and that the risks to achieving fully effective delivery were high. 4 Major Developments 4.1 Despite the financial pressures faced by the Council, it has continued to develop services to ensure more effective and efficient service delivery through the move to a Future Operating Model. 4.2 The Council has also invested in the infrastructure within the City through capital developments of £363.9m in 2016/17 and future committed capital projects in excess of £1bn. The major projects have included the following developments: the Paradise Circus area; the new Wholesale Market at Witton; improvement of leisure facilities; increases in school places to support additional pupil numbers; and additional housing capacity. 5 The Financial Statements 5.1 The pages which follow contain the Council’s Financial Statements for the year ended 31 March 2017, with comparative figures for the previous financial year, and comprise: 6 Birmingham City Council Accounts for the Year Ended 31 March 2017 The Main Financial Statements 5.2 The Comprehensive Income and Expenditure Statement (CIES) – provides the accounting cost in year of providing services in accordance with generally accepted accounting practices, rather than the amount to be funded from taxation or from rents for Council dwellings. The Council raises taxation to cover expenditure in accordance with regulations; this may be different from the accounting cost. The Housing Revenue Account (HRA) position is shown in a separate statement within these accounts. The 2016/17 CIES shows a reduction of £112.4m, from £918.9m to £806.5m, in the net cost of services compared to 2015/16, which is primarily as a result of: A one-off payment in 2015/16 of £72.9m to Network Rail in respect of its share of the receipt from the disposal of its head lease interest in the Grand Central development; A one-off charge of £66.3m in 2015/16 to the CIES to reflect the impairment of the investment in NEC (Developments) Limited to reflect the realisable value of the company; The continued reduction in net expenditure on services due to the tightening of public expenditure; The impact of local authority maintained schools converting to academies. offset by increases in Depreciation and impairment charges to the HRA - £9m Payments to third parties for the provision of care - £23m Public health payments - £12m Supporting the CIES is the Expenditure and Funding Analysis (EFA), which shows the basis of the Council’s annual expenditure and how it is funded from resources compared to how the resources are consumed and earned in line with generally accepted accounting practices.
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