Financial performance and annual accounts

Financial performance and annual accounts

We want the Council's finances to be as clear and open as possible. We also believe it is important to explain our budgeting processes in a clear and accessible format. We account to you for the ways in which we spend your money.

Statement of accounts

The statement of accounts is by definition a statutory, formal document which sets out a high level view of how the money has been spent and where the money has come from. Since it is designed to meet specific government and accounting requirements, it is a technical document which means that it is not always easy to understand. The 2016/17 accounts can be accessed below:

The Council's external auditors provide an annual audit letter which sets out the findings from their work on the Statement of Accounts and related matters. The latest version can be found via the following links:

Previous statements of accounts:

Budget and financial performance

Last year we had a gross expenditure budget of £75.8 million to be able to deliver our services. The Council's planned net expenditure on services in 2016/17 was £16.7 million, a decrease of 1.9% on the previous year.

In summary in 2016/17 we planned to receive:
 Income Stream  Value
 Council tax from Elmbridge households £12.9m  
 General Government grant   £2.8m  
 Specific Government grants  £44.6m  
 Interest on balances  £0.6m  
 Use of reserves  £1.0m  
 General income  £13.9m  
 To fund total expenditure       £75.8m  

 

The Council had a decreased net cost of £1.0m which was achieved through budget savings during the year.

Financial performance 2016/17

The following table provides a summary of the Council's income and expenditure for the year. A full copy of the statement of accounts is available.

 

Service Area

Planned Spend

£000

Actual Spend

£000

Community development  418 401 
 Corporate development  2,641  2,654
 Environment and economy  5,843  5,449
 Highways and transport  (1,682)  (1,490)
 Housing  2,362  2,056
 Leisure and culture  4,680  4,519
 Licensing committee  173  126
 Resources  1,617  425
 Social  2,700  2,196
 Planning committee  1,837  1,786
 Net cost of all services  20,587  18,121
 Asset rentals  (2,333)  (2,333)
 Interest on balances  (637)  (692)
 Contribution from interest equalisation reserve  (559)  (558)
 Contribution from revenue contingency reserve  -  1,584
 Purchase of investment property  (307)  (307)
 Transfer from council tax freeze grant reserve  (111)  (313)
 To / (from) earmarked reserves  (256)  (256)
 Capital financing  293  597
 Total  16,679     16,679 

 

Unspent budgets for specific projects not completed within the year have been carried forward to the current year (2017/18).

The Council has put in place arrangements for the identification and management of risk, with robust policies and procedures covering all aspects of the authority's activities. This ensures that both strategic and operational risks are fully considered in the development of improvement plans and projects, and in the effective delivery of services. The Council's approach to risk management is available from the Head of Finance.

Council tax

Although Elmbridge Borough Council collects all of the council tax for the Borough, we actually only receive 12.2% of the money collected. The bulk of the money goes to Surrey County Council and Surrey Police for their services in this Borough. Residents living in Claygate pay slightly more as a contribution to the Claygate Parish Council, which is set by the Parish Councillors themselves. Last year we collected a total of £110m in council tax for all of the above organisations, with a collection rate of 98.9%, one of the best in the Country. We also collect business rates acting as an agent for Central Government and Surrey County Council, and as principal in respect of our own proportion of receipts under the new Business Rates Retention Scheme, where the collection rate was 99.0%.

Organisation  Money  Percentage 
Where the money went in 2016/17 (based on Band D)
 Surrey County Council  £1,268.28  74.9%
 Elmbridge Borough Council  £207.00  12.2%
 Surrey Police  £220.19  13.0%
 Total (Band D)  £1,695.47      100%

 

Every pound last year was spent on
 Service  From £1 spent
 Environment and Highways £3.9m e.g. recycling and refuse collection  22p
 Leisure and culture £4.5m e.g. parks, museum and open spaces  25p
 Social affairs £2.2m e.g. community transport  12p
 Corporate development £2.7m e.g. electoral registration  15p
 Planning and Licensing £1.9m e.g. processing planning applications  10p
 Housing £2.1m e.g. securing affordable homes  12p
 Resources £0.4m e.g. council tax collection  2p
 Community development £0.4m e.g. CCTV  2p

   

Our capital programme

In addition to income and expenditure on the day to day running of our services, we have what is called a 'capital programme' for funding large projects such as renovation of buildings and purchase of new assets. The Capital Programme for 2016/17 was financed from CIL and other grants and contributions, capital receipts received from the sale of surplus property, revenue underspends and external borrowing.

The major items of capital expenditure in 2016/17 were corporate property assets, housing grants and information technology. View a more detailed list of the Council's investment in capital projects.

Looking to the coming year

The budget for this year, April 2017 to March 2018, has been set at £16.4 million together with a capital programme of £31.2 million. These are the amounts that we believe we will need in order for us to continue providing our high quality services and to meet the ambitious targets and projects set for the year.

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