Legal Guidance and Research / Experts / Paul Dossett
Paul Dossett#10950

Paul Dossett

Grant Thornton
Paul Dossett is a public sector audit partner at Grant Thornton UK LLP and the firm’s Head of Local Government. He has worked with local government bodies for over 35 years. Paul has worked with every type of local body in both England and Scotland. Paul has been heavily involved in the firm’s recent high profile work at Croydon and Slough. Paul has also audited a large number of NHS bodies including Guy’s and St Thomas’s NHS FT and Kings College Hospital NHS FT. Paul is also a member of CIPFA’s Public Finance Management Board and member of the International Public Sector Accounting Standards Panel

Practice Area

Panel

  • Contributing Author

Qualified Year

  • 1991

Experience

  • Audit Commission (1986 - 1994)
  • KPMG (1994 - 2002)

Membership

  • Chartered Institute of Public Finance

Qualification

  • BA Hons (2:1) History (1986)

Education

  • Queen Mary College, University of London (1983-1986)
  • The Campion School (1976-1983)

3 Contributions by Paul Dossett

Capital finance in UK local authorities: prudential framework, MRP, borrowing, investments, capital receipts, PFI/PF2, securitisation and capitalisation
PRACTICE NOTES
Capital finance in UK local authorities: prudential framework, MRP, borrowing, investments, capital receipts, PFI/PF2, securitisation and capitalisation
What is capital finance and why does it matter? Unlike revenue finance, where day-to-day spending must be met from current income, capital expenditure can be financed through borrowing or capital receipts, with the related costs then spread over the period during which the benefits are expected to arise. The current arrangements, commonly known as the Prudential Framework for England and Wales, are set out in Part 1 of the Local Government Act 2003 (LGA 2003). This framework promotes investment in the capital assets local government needs to improve services, and it rests on accounting principles alongside professional judgement and self-regulation. It enables local authorities (LAs) to raise finance for capital projects without central consent, provided they can afford to service the debt without additional government support. Between 2010 and 2022, low interest rates encouraged LAs to borrow from the Public Works Loan Board (PWLB) and other lending institutions to fund both regeneration and renewal programmes, as well as property investments designed to secure regular income flows to support General Fund activity. As a result, LA balance sheets have seen debt levels increase significantly over this period...
Local Government
Local authority financial accounting: IFRS-based CIPFA/LASAAC Code, statutory overrides, and reporting, inspection and publication deadlines
PRACTICE NOTES
Local authority financial accounting: IFRS-based CIPFA/LASAAC Code, statutory overrides, and reporting, inspection and publication deadlines
This Practice Note sets out the requirements and flags the principal matters concerning the financial statements and reporting for LAs. What is financial accounting in brief? Local authorities (LAs) are highly complex organisations with intricate and numerous transactions that must be properly accounted for. In 2009, HM Government chose to implement International Financial Reporting Standards (IFRS), the framework used by FTSE 350 companies and widely regarded as the ‘gold standard’. These standards are extensive, detailed and highly rules‑driven, running to well over 2,000 pages in total. In addition, LAs must also closely follow the Chartered Institute of Public Finance and Accountancy (CIPFA) Accounting Code of Practice, updated on an annual basis each year. The Code adopts IFRS as specified, then makes changes by introducing statutory overrides and other adjustments so that the effect of IFRS accounting is not charged to the General Fund and, consequently, not to the cost of public services borne by council tax, business rates and wider taxpayers. These mainly relate to capital items and long-term investments; more recently, further changes have been introduced (controversially) to protect local taxpayers from the impact of overspend on special educational needs...
Local Government
Local authority revenue budget monitoring: legal framework, section 151 duties, CIPFA code, MTFP/reserves, and managing overspends, unlawful budgets and section 114 reports (England and Wales)
PRACTICE NOTES
Local authority revenue budget monitoring: legal framework, section 151 duties, CIPFA code, MTFP/reserves, and managing overspends, unlawful budgets and section 114 reports (England and Wales)
What is ? Local authorities (LAs), like the wider public sector, are required to run their activities within set budgets. With spending limits broadly predetermined, they should ensure actual expenditure closely aligns with the budget. If unforeseen pressures arise that risk overspending, or, in rare cases, unlawful budget setting or unremedied General Fund deficits, LAs and their statutory proper officers are duty-bound to intervene and restore compliance. Setting the budget and putting in place robust monitoring is among the most critical financial disciplines for LAs, underpinning sound stewardship of public funds. With firm controls, the likelihood of material over or underspends should be low. Where controls are weaker, significant variances can emerge. Financial management sits at the heart of an LA’s corporate governance; it is a core responsibility for every manager, not merely a task for accountants. Accordingly, senior management and leading members across the authority must satisfy themselves that financial performance matches plans and that internal accountability arrangements...
Local Government
Expert page AD
If you expected to see yourself on this page, click here.