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The Collection Fund Suite
Could you benefit?
Tired of challenging discussions with your auditors every closedown?
Having nightmares balancing and reconciling your Collection Fund?
No clear line of sight between your ledger, revenues system, returns and accounts?
In the dark about COVID implications for council tax and business rates streams?
Determined to avoid adverse resource implications from your NNDR1 return?
The most comprehensive tool dedicated to Collection Fund Accounting, Monitoring and Budgeting
Accounting, monitoring and budgeting for Council Tax and Business Rates income has become ever-more complex, with decisions taken having major audit and resource implications.
Assumptions made can lead to dramatic, and sometimes unexpected, timing differences; lost resources; misleading medium- term financial plans; and difficult discussions with your auditors.
At the same time, hard-pressed
authorities are suffering from a lack of dedicated resources in this highly specialist field, often struggling to recruit practitioners.
Giving you and your stakeholders confidence at every step
LG Futures’ brand-new Collection Fund Suite is the most comprehensive tool dedicated to Collection Fund Accounting, Monitoring and Budgeting.
An annual subscription, the Suite comprises three modules, which focus on inter-related aspects of Council Tax and Business Rates.
| MODULE | BENEFIT | BILLING AUTHORITIES | PERCEPTING AUTHORITIES | BUSINESS RATES POOLS |
|---|---|---|---|---|
Council Tax and Business Rates Accounting Models2021/22 Accounting |
Takes the pain and complexity out of Collection Fund accounting |
Detailed individual models |
Summary models, drawing together billing authorities’ combined position |
Calculates pool position, shows accounting entries, and options to apportion benefit |
Business Rates Monitoring Model2022/23 Monitoring |
Ensures your understanding of resource implications and changes throughout the annual cycle |
Detailed individual model |
Collation and presentation of billing authorities’ projections |
Updated in-year pooling forecast |
Perhaps the most esoteric and specialist area of accounting in local government is Collection Fund accounting, for Council Tax and Business Rates.
Caroline Newman,
Lead Advisor and Accounting Specialist, LG Futures
Council Tax and Business Rates Accounting Models (2021/22)
Our models assist authorities in complying with regulatory requirements and proper accounting practice, including the Comprehensive Income and Expenditure Statement and General Fund outturn.
Expert understanding of Collection Fund accounting is not essential for using the models, and they aim to improve understanding, as well as providing robust audit evidence.
Key Features
Highly automated inputs, that minimise user interaction and maximise efficiency of completion
Assurance that outputs are recognised in the right proportions, place and amounts, in relevant accounting statements and associated notes
Facilitation of an effective chart of accounts approach
For business rates, as well as providing a pre-populated starting point and parameters, the model can be directly linked to the NNDR3, reducing the risk of input errors.
Content
Content
How the Collection Fund Suite Benefits You
Provides robust audit evidence and clear audit trail, minimising queries
Reconciliations and checks deliver full assurance on outputs
Achieves compliance with regulatory requirements on the allocation of council tax and business rates surpluses/deficits
Simplifies Collection Fund accounting, through a suggested ledger coding structure, including draft journals
Ensures you optimise your local business rates resources