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 Post subject: CAFR & Budgets
PostPosted: Sat Mar 26, 2016 10:47 pm 
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Joined: Thu Jan 12, 2012 10:46 am
Posts: 1287
CAFR = "Comprehensive Annual Financial Report" in the USA

Here CAFR is explained:
https://www.youtube.com/watch?v=1pRPBKJQnyU


In UK CAFR becomes Annual Financial Report (AFR).
CAFR/AFR are rapidly becoming global in application.
All local authorities, etc. etc. in the UK have to provide an AFR.

A “Statement of Accounts” within the AFR reveals the actual reserves that the local authority holds.

LBH's full statement of accounts reports are listed here:
https://www.hillingdon.gov.uk/article/7 ... f-Accounts

Download “The Annual Statement of Accounts for year 2014/2015”and select page 36. Where the page is headed “BALANCE SHEET”. Four lines up from the bottom of the table is a sub-heading of “NET ASSETS”. Under this sub-heading we find NET ASSETS of £592,376,000. With “USABLE ASSETS” of £173,461,000 and “UNUSABLE ASSETS of £418,915,000.

Those UNUSABLE ASSETS are NOT identified. What, and where are they? And how much annual income are those UNUSABLE ASSETS producing? And, where is the income from those assets going? Is this 'transparency of accounting?

Similar searches on other local authorities in the UK produce similarly large sums of UNUSABLE ASSETS held by local authorities, all of whom like to portray themselves as 'short of money'. As yet I have not found any explanation as to where any income from “unusable assets” is going.


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 Post subject: Re: CAFR & Budgets
PostPosted: Sat Apr 02, 2016 9:30 pm 
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Joined: Wed Jan 11, 2012 6:05 pm
Posts: 2571
Is it their buildings etc?


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 Post subject: Re: CAFR & Budgets
PostPosted: Sun Apr 03, 2016 10:27 pm 
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Joined: Thu Jan 12, 2012 10:46 am
Posts: 1287
Jon wrote:
Is it their buildings etc?

It can be anything that is 'unusable', or unavailable as spending money. The blanket heading of UNUSABLE ASSETS without any explanation or definition of what assets come under that heading does suggest a lack of transparency. Unusable assets could be buildings, but why not say so, and identify the valuer. Unusable assets could also be investments that are locked away for a fixed term, but again, these too should be clearly explained and transparent. Unusable assets could also be large sums of money hidden away from pubic knowledge, that we are not 'supposed' to know about. If the LA does have large sums of public money investements locked away, possibly of shore, shouldn't it be very clear as to what those investments are, and why? Is it reasonable for a public authority to be 'investing' taxpayers' money, and by so doing placing that money at risk?

We should all be aware by now that local authorities and other public bodies are riddled with Common Purpose 'trained' personnel. We should also know that Common Purpose specialises in training people to work “beyond their authority”. 'Working beyond authority' implies uncontrolled 'authority', deviousness, dishonesty, chicanery, underhandedness, etc. etc. To my mind, labelling high value ASSETS obtained with public money as UNUSABLE, without explaining them and defining them does suggest that something devious is going on.

I have had to keep accounts for an organisation in the past, and everything was expected to be transparent, clear, defined, and comprehensible to anybody who required access to the accounts. Why can't local authorities also make everything in their financial reports equally transparent? After all, it is public money that pays for all assets held by any local authority.

If local authorities want to be known as being above reproach, is it expecting too much to see published financial reports that leave no room for doubts? A petty cash anomaly of a few tens of £s may be acceptable in a large organisation but UNUSABLE ASSETS numbered in the many hundreds of £millions isn't good enough.


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