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Financial Report for 2019/20

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Financial Report for 2019/20 Financial report for 2019/20 Containing the council’s statement of accounts and annual governance statement Walsall Council Financial Report 2019/20 Contents Contents ............................................................................................................................. 2 Section A – Statement of accounts .................................................................................. 4 Preface ................................................................................................................................ 4 Narrative report .................................................................................................................. 8 Statement of responsibilities .......................................................................................... 29 Independent auditor’s report to the members of Walsall Metropolitan Borough Council ..................................................................................................................... 31 Core financial statements ............................................................................................... 35 Notes to the accounts ..................................................................................................... 40 1. Significant accounting policies ............................................................................. 40 2. Critical judgments in applying accounting policies ............................................. 52 3. Assumptions made about the future and other major sources of estimation uncertainty ............................................................................................................... 53 4. Related parties ........................................................................................................ 55 5. Note to the CIES ...................................................................................................... 57 6. Expenditure and funding analysis ......................................................................... 58 7. Note to movement in reserves statement ............................................................. 61 8. Better care fund ....................................................................................................... 62 9. Members allowances .............................................................................................. 63 10. Officers’ remuneration ............................................................................................ 63 11. Exit packages .......................................................................................................... 64 12. Termination benefits ............................................................................................... 65 13. Pension scheme accounted for as defined contribution ..................................... 65 14. Defined benefit pension schemes ......................................................................... 66 15. External audit costs ................................................................................................ 71 16. Dedicated schools grant ......................................................................................... 72 17. Grant income ........................................................................................................... 73 18. Events after the balance sheet date ...................................................................... 74 19. Property, plant and equipment .............................................................................. 75 20. Accounting for local government schools ............................................................ 78 21. Heritage assets ........................................................................................................ 79 22. Further information on heritage assets ................................................................. 80 2 Walsall Council Financial Report 2019/20 23. Investment properties ............................................................................................. 81 24. Intangible assets ..................................................................................................... 83 25. Assets held for sale ................................................................................................. 83 26. Capital expenditure and capital financing ............................................................. 83 27. Leases ...................................................................................................................... 85 28. Private finance initiatives and similar contracts ................................................... 86 29. Financial instruments ............................................................................................. 88 30. Nature and extent of risks arising from financial instruments ............................ 92 31. Debtors ..................................................................................................................... 97 32. Cash and cash equivalents..................................................................................... 97 33. Creditors .................................................................................................................. 98 34. Grants received in advance .................................................................................... 98 35. Provisions ................................................................................................................ 98 36. Usable reserves ..................................................................................................... 100 37. Unusable reserves ................................................................................................. 103 38. Note to cash flow statement ................................................................................. 107 39. Contingent liabilities and contingent assets ....................................................... 107 Collection fund ............................................................................................................... 109 Collection fund income and expenditure account ...................................................... 110 Notes to the collection fund .......................................................................................... 111 1. Calculation of tax base ......................................................................................... 111 2. Income from business ratepayers ....................................................................... 111 3. Council tax/NDR allowance for impairments and NDR provision for valuation appeals ................................................................................................................... 112 Trust and scholarship accounts ................................................................................... 113 Section B – Annual governance statement ................................................................. 114 Annual governance statement ...................................................................................... 114 Glossary.......................................................................................................................... 124 Contact details and sources of information ................................................................ 132 3 Walsall Council Financial Report 2019/20 Section A – Statement of accounts Preface Introduction to the 2019/20 statement of accounts Like all local authorities Walsall has faced many challenges linked to national austerity measures but through our local and regional partnerships the council has retained a strong position that continues to be built upon. These financial statements set out in detail the financial position of the council for the year up to the 31 March 2020. It provides details on how the council has spent its money, where funding has come from. It also provides details of asset, liabilities and other relevant or significant information to assist in understanding the council’s financial position. Financial performance for the year has been broadly in line overall with the 2019/20 budget. The revenue outturn for services was £0.291 million under. Our balance sheet has decreased by c.£21 million; the ratio of long-term borrowing to long-term assets is down slightly from 2.05 to 1.86 mainly linked to an increase in long term borrowing (c.£18 million) from previous years to help finance the councils capital investment and to help fund advance contributions to the West Midlands Metropolitan Authorities Pension Fund early in 2020/21. The authority’s treasury management activity has continued to deliver robust outcomes with average interest rates payable on loans being 3.74%, which was slightly above the target rate of 3.69%. Short term investments ended the year at c.£137 million, sufficient for our capital projects and earmarked reserves. The average investment income rate of 1.20% exceeded the target rate for the year by 12 basis points. Reflecting on what has been delivered during 2019-20 in the context of the Council’s priorities outlined within its Corporate Plan this has been another challenging financial year, but again there is much to be proud of, with some highlights of our achievements shown below. Within the economic growth priority: Progress with reopening the Walsall to Wolverhampton rail line including proceeding with plans for new stations in Darlaston and Willenhall with rail operators. Advanced
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