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.

Council Tax and Business Rates Accounting Models
2021/22 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 Model
2022/23 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.



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