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Annual Governance Statement and Pension Fund Accounts 2019/20

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Annual Governance Statement and Pension Fund Accounts 2019/20 Narrative Statement Leicestershire County Council, Statement of Accounts, Annual Governance Statement and Pension Fund Accounts 2019/20 Page Introduction to the Statement of Accounts ............................................................................................... 2 Narrative Statement ................................................................................................................................... 3 Movement In Reserves Statement (MIRS) ............................................................................................... 10 Comprehensive Income and Expenditure Statement (CIES) .................................................................... 11 Balance Sheet ........................................................................................................................................... 12 Cash Flow Statement ................................................................................................................................ 13 Notes to the Accounts .............................................................................................................................. 14 Statement of Responsibilities for the Statement of Accounts ................................................................. 84 Leicestershire County Council Pension Fund Accounts ............................................................................ 85 Fund Account ............................................................................................................................................ 87 Net Assets Statement ............................................................................................................................... 87 Notes to the Pension Fund Accounts ....................................................................................................... 88 Pension Fund Actuarial Statement 2019/20 .......................................................................................... 112 Pension Fund Accounts Reporting Requirement ................................................................................... 114 Statement of Responsibilities for Leicestershire County Council Pension Fund .................................... 116 Audit Opinion ......................................................................................................................................... 117 Annual Governance Statement .............................................................................................................. 124 Glossary of Terms ................................................................................................................................... 144 1 Narrative Statement Introduction to the Statement of Accounts Councillor Preface Like many Local Authorities, Leicestershire was impacted by the COVID-19 pandemic in March 2020. As a result of this and the subsequent lockdown of the country, there are very strong indicators that there will be a significant recession which will have a devasting impact on the national and local economy. At a time when the County Council finances were already stretched this has put further pressure on our budgets. The impact is only partially reflected in the financial statements due to the financial year ending in March. Central Government have provided grants to mitigate the impact of COVID-19 but this is likely to only cover half of the estimated amount required. The County Council is fortunate to have balances to withstand the short-term impact, but the impact is likely to be long lasting and further efficiency measures, in addition to those that are already planned, are likely to be required. The COVID-19 pandemic will lead to additional costs, the loss of income and difficulties with implementing planned savings and the identification of new savings. It is of paramount importance that we keep the local economy moving and we will be working with Central Government to ensure that this happens and that the County Council has the resources required to provide quality services to those who live and work in Leicestershire. Mr. J.B. Rhodes Cabinet Lead Member for Corporate Resources Foreword from the Director of Corporate Resources The County Council had a robust financial position going into the COVID-19 crisis as a result of sound management and tough decisions taken since 2010. Notwithstanding this, the crisis will have a profound impact on the County Council’s finances and the way in which services are provided. In addition, there are urgent challenges with existing pressures in areas such as social care and special educational needs and disabilities (SEND). These remain, and the pandemic will just add to the already considerable financial difficulties. When the country exits the crisis, the financial challenge faced by the County Council is likely to be bigger than at any point during the austerity years. Looking back to 2019/20, the Council has successfully completed a number of capital projects, funded without any external borrowing, including: - £22m investment in Children and Family Services, including an additional 1,000 school places - £15m investment in highways maintenance - £19m on major road improvements reducing congestion in the County - Completed the installation of smart technology across Leicestershire Libraries The future will continue to be challenging, however with continued hard work and careful planning it is a future that we are prepared for. I would like to thank all our staff for their work to manage the Council’s budget, deliver efficiency savings and provide value for money. Chris Tambini Director of Corporate Resources 2 Narrative Statement Narrative Statement 1. Organisational Overview and The Council plays an active role in place shaping and responding to local needs such as working with External Environment partners to agree a Strategic Planning Framework, working sub-regionally (with Leicester City and the The Council has consolidated its priority outcomes into Leicestershire district authorities) and working its Strategic Plan for 2018-22. The Plan was refreshed regionally on economic and transport planning, such and updated during 2019/20 and guides service as with the Midlands Engine. commissioning and development in order to maximise delivery against these outcomes. Leicestershire County Council Leicestershire remains the lowest funded county Leicestershire County Council is an upper tier of local council in the country with greater risks as a result. The government with 55 councillors who are elected every Council’s financial position continues to be extremely 4 years. The Council has 6,076 employees (excluding challenging, with £210m saved since 2010 and a schools) organised into 6 departments: further £80m to save by 2023/24. The position is serious with major implications for the provision of • Children and Family Services services to the people of Leicestershire. Reductions in • Adults and Communities government funding and rising demands have made it • Environment and Transport increasingly difficult to maintain good service delivery • Public Health levels and target service improvements where • Chief Executives required. The COVID-19 emergency and impact on the • Corporate Resources wider economy, council income and expenditure has added to the seriousness of the Council’s financial position and threatens the continued provision of 2. Governance services and delivery of outcomes. The Council’s Annual Governance Statement The current funding system does not share national summarises the outcome of the Council’s review of the resources fairly, and this view is shared by many others Governance Framework that has been in place during in local government. The Council has presented a new 2019/20. The statement demonstrates that the simplified funding model to central government based Council has in place effective arrangements, but that it on factors that drive demand for local services. It recognises the need to continuously review, adapt and allocates money in a fair way, based on need, and develop its governance arrangements to meet the narrows the gap between the highest and lowest changing needs of the authority. There were no funded councils. A move to a fairer funding model is an significant governance issues in 2019/20. urgent requirement to help tackle the Council’s financial challenges. 3. Risks and Opportunities Leicestershire as a Place A risk management strategy is in place to identify and evaluate risk. The Council’s corporate risk register Leicestershire covers an area of 208,000 hectares, contains the most significant risks which the Council is with a population of around 690,000 people. The managing. Separate risk registers are in place for key population is growing, and is predicted to reach departmental and service risks. Central government 784,000 by 2039, with particular growth among the funding reductions and rising demands have seen a over 65s. 82% of Leicestershire’s area is classified as higher level of risk needing to be managed and this has rural while 70% of the population live in our towns been further exacerbated by the COVID-19 crisis and and urban areas. resulting economic impact. Out of work benefit claimant rates are consistently below national and regional levels though have 4. Strategy & Resource Allocation increased in recent months as the COVID-19 crisis has The Council has developed five strategic outcomes impacted the economy. Manufacturing is the largest that are essential for good quality of life in
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