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What was St Albans City and District Council worth at the end of 2009/10?

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At the end of each financial year we draw up a balance sheet that represents how much our land and buildings are worth, what is owed to us, how much we owe to others and how much cash we have.

What we are worth
Net Assets

2009/2010

£'000

Value of Council houses452,975
Value of other fixed assets and investments76,303
Cash in bank and cash investments8,668
Money owed to St Albans District Council and other assets5,552
Money owed by St Albans District Council and other liabilities

(8,497)

Long term borrowing(1,500)
Unused government grants(2,629)
Pension benefits(58,815)
Total assets less total liabilities472,057
Property and asset reserves525,715
Balance of premium to be written off(253)
Earmarked reserves for future projects1,124
Working balances4,286
Pension reserve(58,815)
Reserves and Balances472,057

Notes:

  • The pension fund deficit has increased to £58.8 million. However, the latest report from the actuary assesses that this will be made good by future payments into the fund.

  • Following collapse of property values in 2008/09, values have generally increased in 2009/10 and these increases have been reflected in the statement above. Movements in property values affect the Balance Sheet but Local Government accounting rules mean that any benefit or burden does not accrue to council tax payers or council house tenants.

  • The Council maintains working balances to meet future needs (eg planning appeals).

Cash Flow

2009/2010

£'000

Overdraft and cash in hand at 1 April 20091,639
Net Cash movements1,665
Cash in bank and on hand on 31 March 20103,304

 

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