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Statement of Accounts
The Statement of Accounts is a key tool for understanding how Norwich City Council manages public money. It’s there to keep things open, honest, and clear for everyone in the community.
Statement of Accounts - what is it?
Every year, Norwich City Council publishes a Statement of Accounts.
Think of this as the council’s annual “report card” for its finances. It shows:
- how much money came in (income)
- how much was spent (expenditure)
- what’s left over (the council’s financial position at year-end)
This document is reviewed by independent auditors to make sure everything is accurate and transparent.
Why does it matter?
- It’s your money: the council manages public funds collected through taxes and other sources. The Statement of Accounts shows how this money is used to provide services and invest in the community.
- Accountability: by law, the council must publish these accounts, so you can see exactly where money goes.
- Transparency: the accounts are open for anyone to inspect, helping to build trust between the council and residents.
What’s inside the statement of accounts?
- Income and Expenditure: a breakdown of what the council earned and spent during the year.
- Balance Sheet: a snapshot of the council’s assets (what it owns) and liabilities (what it owes).
- Cash Flow Statement: how money moved in and out of the council’s accounts.
- Notes and Explanations: extra details to help explain the numbers.
How can you use this information?
- Stay informed: understand how your council tax is spent.
- Get involved: if you have questions or concerns, you can contact the council or attend public meetings.
- Hold the council to account: transparency helps ensure money is spent wisely.
