• Home
  • About
  • Subscribe
  • Conference
  • Events Calendar
  • Webcast151
  • MOTB
  • Log In
  • Register

Room 151

  • Treasury
  • Technical
  • Funding
  • Resources
  • LGPS
  • Development
  • 151 News
  • Blogs
    • David Green
    • Agent 151
    • Dan Bates
    • Richard Harbord
    • Stephen Sheen
    • James Bevan
    • Steve Bishop
    • Cllr John Clancy
    • David Crum
    • Graham Liddell
    • Ian O’Donnell
    • Jackie Shute
  • Interviews

News Roundup: Settlement leads to ‘grave concerns’, auditing report, LGPS funds buy into Anglian Water, procurement framework saves £88m

0
  • by Gavin Hinks
  • in 151 News
  • — 20 Dec, 2017

Funding of social care a “grave concern”

Continued reliance on the council tax precept to plug the gap in funding for adult social care is a “grave concern”, according to the Society of Local Authority Chief Executives. Jo Miller, president of SOLACE, said: “It will come as a relief to most local authorities that the planning assumptions underpinning the budget proposals they have already had to go out to public consultation on are not significantly challenged by the provisional settlement. It is positive that the Government has recognised the importance of continuity and will not be making changes to New Homes Bonus in the coming year. That said, the continued reliance on the council tax precept to plug the gap in adult social care is of grave concern. It does not provide any kind of long term fix and only seeks to further distort an already regressive tax mechanism.”

30 councils raise value for money concerns
A report on auditing local authorities reveals 30 councils faced qualified conclusions on value for money, according to Public Sector Audit Appointments (PSAA). The report also showed that councils slowed in their reporting. 92% of auditors (331 out of 357) were able to achieve opinion on accounts by 30 September 2017, compared to 96% in the previous year. PSAA said: “This is a disappointing development in the context of the challenging new reporting timetable from 2017-18.” PSAA added: “The timeliness and quality of financial reporting for 2016/17, as reported by auditors, remained broadly consistent with the previous year for both principal and small bodies.”

London and Manchester pension funds join in 15% acquisition of Anglian Water
GLIL, the infrastructure investment joint venture between Greater Manchester Pension Fund (GMPF) and London Pensions Fund Authority (LAPF), is to participate as a 50:50 partner acquiring a 15% stake in Anglian Water Group. GLIL will partner with Dalmore Capital to make the investment. Kieran Quinn, chairman of GMPF, said GLIL was “delighted to be acquiring such an exceptionally well-run company, meeting our strict investment criteria.” Sir Merrick Cockell, chairman of LPFA, said: “Pension fund investment is key to UK infrastructure development. This investment in AWG demonstrates our commitment to sustainable infrastructure investing.”

National frameworks save £88m
National LGPS Frameworks, a procurement collaboration of LGPS funds and pools, says it has so far saved £88m in fees. The news came as the body launched a new framework for procuring investment management consultancy services. Nicola Mark, head of Norfolk Pension Fund and chair of the National LGPS Framework, said: “It is hard work to set up and manage these frameworks and requires huge dedication from the Funds and professionals who give their time and expertise to establish and help manage them. This is real collaboration in action, already delivering tangible and significant savings and benefits for the LGPS today”.

Get the Room151 Newsletter

Share

You may also like...

  • NAO rejects option to allow extensions of revised audit code remit NAO rejects option to allow extensions of revised audit code remit 23 Jan, 2020
  • LGPS board considers guidance to avoid conflicts of interest LGPS board considers guidance to avoid conflicts of interest 14 Feb, 2019
  • Enfield launches property company to help tackle homelessness Enfield launches property company to help tackle homelessness 19 Feb, 2014
  • Airport tax mooted as Birmingham Commonwealth Games funding solution Airport tax mooted as Birmingham Commonwealth Games funding solution 10 Apr, 2019

Leave a Reply Cancel reply

You must be logged in to post a comment.

  • Register to become a Room151 user

  • Latest tweets

    Room151 24 hours ago

    The vaccine may help settle cash flows but inflation remains a risk: Sponsored article: Lauren Sewell examines the prospects for long-term borrowing as Brexit settles and vaccines are deployed against Covid-19. On the 9th October 2019 Whitehall sent… dlvr.it/RqZXCr pic.twitter.com/PzgOZOGQ0k

    Room151 24 hours ago

    ESG in liquidity: Sponsored article: Gavin Haywood looks at the integration of ESG in Federated Hermes’ money market funds. Federated Hermes has over 300 public sector clients invested in our AAA rated money[...] dlvr.it/RqZX5f pic.twitter.com/E87sBXsay8

    Room151 2 days ago

    New realities of investing cash and liquidity: “What to do now?”: Sponsored article: Brian Buck looks at the “unique challenge” for cash management strategies. As investors assess the ongoing impact of the pandemic on their business, levels of cash and… dlvr.it/RqVbk9 pic.twitter.com/ZElVASmEUV

    Room151 2 days ago

    Extra finance promised by the government receives a broad welcome: Sponsored article: The financial pressures facing local authorities this year continue to pose challenges for council treasurers. While the launch of the UK’s Covid-19 vaccination… dlvr.it/RqTzTF pic.twitter.com/HCjH0pyHR5

    Room151 2 days ago

    A savvy approach to managing your cash: Sponsored article: Caroline Hedges examines the need for active cash management to achieve a higher than average return. Last year saw the already mountainous pile of negative-yielding debt around the[...] dlvr.it/RqTzMK pic.twitter.com/uP0RQYTJLt

    Room151 3 days ago

    Putting alternatives at the heart of multi-asset portfolios: Sponsored article: Nick Edwardson looks at the assets that provide the “most attractive opportunities”. We believe that asset allocation is the primary driver of investment returns and that the… dlvr.it/RqQ2Qt pic.twitter.com/WLBzvRRRUQ

    Room151 3 days ago

    Thriving in the pandemic: Avoiding the stragglers: Sponsored article: George Crowdy looks at the sectors providing opportunities for sustainable investment. Throughout much of 2020, we talked about why sustainable investing has thrived in the pandemic,… dlvr.it/RqQ2NQ pic.twitter.com/dxiPWKFsPl

    Room151 3 days ago

    The development of CCLA’s mental health benchmark: Sponsored article: Amy Browne examines the importance of investing in mental health in the workplace. We are living through a public health emergency in more ways than one. Physical health[...] dlvr.it/RqQ2Jx pic.twitter.com/o6yRSCX3oF

    Room151 4 days ago

    Brexit: What the EU trade deal means for the UK economy: Sponsored article: Hetal Mehta looks at the impact of Brexit on economic prospects. Four and a half years after voting to leave the EU, on Christmas Eve the UK finally[...] dlvr.it/RqLBDt pic.twitter.com/No62srfE8h

    Room151 4 days ago

    Cash dethroned: The quest for liquid yield: Sponsored article: Peter Hunt and George Carne ask how treasury departments can balance the need for yield and liquidity. The massive stimulus and waves of liquidity provided by central banks[...] dlvr.it/RqLBDj pic.twitter.com/05g6Zhu1kU

    Room151 4 days ago

    Richard Harbord: Delayed “capital determinations” make section 25 opinions a new crunch point: The severe pressure on local government budgets now means section 151 officers confront a tricky call on  whether they can make a judgement on the robustness… dlvr.it/RqLBDV pic.twitter.com/vTAbDKFzkI

    Room151 4 weeks ago

    PWLB Consultation: Analysis straight from Dickens: Helen Radall and Paul McDermott present a legal examination of the new PWLB borrowing rules as Charles Dickens might have imagined it. Free and easy PWLB (“Marley” to his friends)[...] dlvr.it/RnmwLq pic.twitter.com/yFxcPrQqEG

    Room151 1 month ago

    Room151’s top stories from a momentous year: 2020 was the year in which local government grappled with Covid-19, funding strains, controversy over borrowing rules and the threat of financial collapse. It has been an exhausting and historic[...] dlvr.it/RnlpZg pic.twitter.com/g3myNyox6J

    Room151 1 month ago

    Tracy Bingham: 2020, a year best forgotten but also one of learning: Many will rush to erase 2020 from their memories but, writes Tracy Bingham, there were also many lessons about finance teams, strategic planning and leadership. 2020: A year we’d… dlvr.it/RnlpY2 pic.twitter.com/m7G1krrtCu

    Room151 1 month ago

    Settlement must address ‘precarious’ local government finances: Dan Bates crosses his fingers for “no nasty surprises” in this week’s funding settlement but argues the “bigger prize” is post-Covid financial certainty. Thursday (17 December) should be the… dlvr.it/Rnj9dG pic.twitter.com/KLKjjuBqJE

    Room151 1 month ago

    PWLB consultation: Big change on the way but there are ‘grey areas’ and opportunities: The consultation on PWLB borrowing has concluded creating a new landscape for funding property acquisition. Our experts look at the implications. Tracie Langley The… dlvr.it/RndRvJ pic.twitter.com/KEqXEBmEfq

    Room151 1 month ago

    2021: Better income outcomes?: Sponsored article: Investors should be mindful of structural challenges posed to income generation as a result of rapid thematic change. Jon Bell looks at the prospects for the coming year.[...] dlvr.it/RndRsw pic.twitter.com/TxVk8aXkMq

  • Categories

    • 151 News
    • Agent 151
    • Blogs
    • Chris Buss
    • Cllr John Clancy
    • Dan Bates
    • David Crum
    • David Green
    • Development
    • Forum
    • Funding
    • Graham Liddell
    • Ian O'Donnell
    • Interviews
    • Jackie Shute
    • James Bevan
    • Jobs
    • LGPSi
    • Mark Finnegan
    • Recent Posts
    • Resources
    • Richard Harbord
    • Stephen Fitzgerald
    • Stephen Sheen
    • Steve Bishop
    • Technical
    • Treasury
    • Uncategorized
  • Archives

    • 2021
    • 2020
    • 2019
    • 2018
    • 2017
    • 2016
    • 2015
    • 2014
    • 2013
    • 2012
    • 2011
  • Previous story James Goudie, QC: Council commercial investments and treasury management
  • Next story David Green: Consultations risk an Unhappy New Year for treasury managers

© Copyright 2021 Room 151. Typegrid Theme by WPBandit.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies from this website.OK