The value of Kent County Council’s pension scheme investment in the troubled Woodford fund has fallen by £36m, figures from the local authority have revealed.
It is becoming increasingly important to account for assets and liabilities in the public sector because of the rise of commercialisation, the spending watchdog has said.
District councils are juggling a host of financial challenges as they face greater spending commitments at a time when funding is falling and when many of the challenges on the horizon are ‘unknowns’.
Councils are concerned that a National Audit Office investigation into commercial property investment will criticise them, public finance experts have told PF.
The Ministry of Housing, Communities and Local Government is planning to consult on a statutory override to aspects of a new accounting rule intended to improve the financial reporting of investments.
