The extra pension cost built up from employees' service during the current year.
Repaying loans that were previously taken out to fund capital spending.
Money owed to the council that it expects to receive.
Long-term amounts owed to the council that will be repaid over more than one financial year, such as mortgages.
The reduction in the value of an asset over time as it is used, wears out, becomes outdated or has a shorter useful life.
Large or unusual items that are part of normal council business but need to be shown separately so the accounts are clear.
The expected average return from pension scheme investments, after costs, over the life of the pension obligation.
Decreases in economic benefits or service potential during the reporting period in the form of outflows or consumption of assets or increases of liabilities that result in decreases in reserves. Expenses include expenses that arise in the course of the ordinary activities and losses such as revaluation of property, plant and equipment.
Is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arms-length transaction.
A finance lease is one that transfers substantially all of the risks and rewards of ownership of property, plant and equipment to the lessee. It should be presumed that such a transfer of risks and rewards occurs if at the inception of a lease the present value of the minimum lease payments including any initial payment amounts to substantially all (normally 90% or more) of the fair value of the leased asset.
In the context of a local authority this means the period from 1 April to the following 31 March inclusive.