Grant Thornton

Each year billions of pounds are spent on improving or creating the assets of Local Government. This Practice Note considers the law and accounting procedures in place for capital budgeting, raising finance, determining what capital expenditure is and repaying amounts borrowed, and explains key elements of the Prudential code.

This Practice Note summarises the requirements of financial accounting in local authorities (LAs) and highlights the key issues that relate to maintaining proper practice in accounting statements.

This Practice Note explains the establishment of budgets in local authorities (LAs), together with the associated monitoring arrangements to ensure there is appropriate stewardship in financial spending. It explains the role of the responsible financial officer (RFO).