A material adjustment applicable to prior years arising and the Glossary of Terms (continued) PUBLIC WORKS LOAN BOARD from changes in accounting policies or correction of pursuit A Government controlled agency that provides a source of fundamental errors. of borrowing for public authorities. PAST SERVICE COST (PENSIONS) PROVISIONS RESERVES These costs represent the increase in liabilities arising Sums set aside to cover a liability that is likely to be from decisions taken in the current year to improve An amount set aside for a specific purpose in one financial incurred, but the amounts or date on which the cost retirement benefits, but whose financial effect is year and carried forward to meet expenditure in future years. will arise is uncertain. derived from years of service earned in earlier years. with REVENUE EXPENDITURE PRUDENTIAL CODE those PRECEPT Expenditure on day to day running costs incurred by the PCC risks. Local authorities are required to comply with the An amount of money levied by one body (the in the provision of services. Prudential Code for Capital Finance in Local precepting body) which is collected by another Authorities, published by CIPFA, in order to ensure authority (the collecting authority) as part of the TREASURY MANGEMENT that their capital investment plans are prudent, council tax. The PCC is the precepting body and the affordable and sustainable. The management of the PCC’s investments and cash flows, its four South Yorkshire District Councils are the collecting banking, money market and capital market transactions; the authorities. effective control of the risks associated with those activities; PRIOR YEAR ADJUSTMENT
Glossary of Terms (continued) PAST SERVICE COST (PENSIONS) These costs represent the increase in liabilities arising from decisions taken in the current year to improve retirement benefits, but whose financial effect is derived from years of service earned in earlier years. PRECEPT An amount of money levied by one body (the precepting body) which is collected by another authority (the collecting authority) as part of the council tax. The PCC is the precepting body and the four South Yorkshire District Councils are the collecting authorities. PRIOR YEAR ADJUSTMENT A material adjustment applicable to prior years arising from changes in accounting policies or correction of fundamental errors. PROVISIONS Sums set aside to cover a liability that is likely to be incurred, but the amounts or date on which the cost will arise is uncertain. PRUDENTIAL CODE Local authorities are required to comply with the Prudential Code for Capital Finance in Local Authorities, published by CIPFA, in order to ensure that their capital investment plans are prudent, affordable and sustainable. PUBLIC WORKS LOAN BOARD A Government controlled agency that provides a source of borrowing for public authorities. RESERVES An amount set aside for a specific purpose in one financial year and carried forward to meet expenditure in future years. REVENUE EXPENDITURE Expenditure on day to day running costs incurred by the PCC in the provision of services. TREASURY MANGEMENT The management of the PCC’s investments and cash flows, its banking, money market and capital market transactions; the effective control of the risks associated with those activities; and the pursuit of with those risks.
syp-group-annual-accounts-2017-18-draft-new-format.docx