William Eichler 23 August 2019

Council reserves increase by £2bn over past year

Council reserves increase by £2bn over past year image

Local authorities have been commended for ‘managing their finances well’ after new figures reveal that the sector’s reserve fund has increased by £2bn.

New figures from the Ministry of Housing, Communities & Local Government show that the total of all councils’ general fund revenue account reserves increased by £1.75bn from £23.75bn at 1 April 2018 to £25.5bn at 31 March 2019.

Much of this increase is driven by a net increase of £776m in the Greater London Authority’s revenue reserves, largely due to Transport for London’s refinancing of rolling stock for the Elizabeth Line.

When the GLA is excluded, total net additions to non-ringfenced reserves was £1.1bn in 2018-19.

Rob Whiteman, chief executive at the Chartered Institute of Public Finance and Accountancy (CIPFA), praised local authorities for their managing their finances well.

‘These figures show that councils are topping up their reserves where they can, reflecting the absence of a long-term funding settlement for the sector, continued uncertainty around the spending review and Fair Funding Review and an expectation that the long hard winter of austerity is set to continue,’ he said.

‘Increases of more than 5% in spending on adult and children’s social care show that cost pressures in these areas are still very real.

‘The majority of councils are managing their finances well and should be commended for their efforts. It’s crucial that authorities maintain a focus on strong financial management given the uncertain future for funding and service demands.’

Overcoming the barriers to Commercial Card use image

Overcoming the barriers to Commercial Card use

Want to reap the benefits of Commercial Cards but coming up against some challenges? James Sykes, Head of Commercial Cards, Lloyds Bank and David Legg, Head of Corporate Card Products, Lloyds Bank, discuss how the payments industry is helping organisations unlock their true value.
SIGN UP
For your free daily news bulletin
Highways jobs

Commercial Customer Manager

North Yorkshire County Council
£39,880 to £43,857
Are you someone who is innovative and has the drive to increase revenue for the Council whilst ensuring excellent service provision to our customers? Northallerton, North Yorkshire
Recuriter: North Yorkshire County Council

Social Care Lead Officer

Sandwell Metropolitan Borough Council
£35,745 - £40,876 pro rata per annum
A vacancy has become available for a part time Social Care Lead Officer, to cover in... Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council

Communications & Corporate Affairs Manager

Sandwell Metropolitan Borough Council
£47,845 - £50,900 per annum
To apply for this role please upload your most recent CV that sets out your relevant experience against the job description. Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council

Career Grade Planning Officer

Royal Borough of Greenwich
£27978 - £37722 per annum + n/a
Career Grade Planning Officer - West Area and East Area Team The Royal Borough of Greenwich continues to faces an unprecedented growth agenda in terms England, London
Recuriter: Royal Borough of Greenwich

Highway Engineer - Reactive Maintenance

Bracknell Forest Borough Council
£35,354 - £40,506 incl. LWA, plus £963 car allowance
We make a difference to the environment we live in. Come and help us manage our highway infrastructure. Bracknell, Berkshire
Recuriter: Bracknell Forest Borough Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue