Archived decisions

Projected Balance Sheet 31 March 2009 to 31 March 2012

Actual

Projected

31/03/08

31/03/09

31/03/10

31/03/11

31/03/12

£'000

£'000

£'000

£'000

£'000

Net Assets

Fixed assets

3,660,090

3,873,093

4,034,157

4,199,337

4,352,936

Long-term debtors

42,798

41,030

39,324

37,678

36,089

Current assets

241,945

252,591

260,168

268,754

277,891

Current liabilities

-285,082

-364,761

-428,897

-450,969

-451,422

Long-term borrowing

-324,782

-342,782

-359,782

-376,782

-393,782

Deferred contributions

and Government grants

-428,652

-485,652

-521,410

-599,075

-669,595

Developer contributions

-31,599

-28,144

-25,173

-22,734

-17,525

Provisions

-4,525

-4,525

-4,525

-4,525

-4,525

Pension Fund liability

-438,860

-418,860

-418,860

-418,860

-418,860

Total net assets

2,431,333

2,521,990

2,575,003

2,632,824

2,711,208

Net Worth

Fixed asset / capital

-2,686,536

-2,760,397

-2,831,591

-2,889,897

-2,970,032

Financing accounts

Capital Receipts

-5,724

-

-

-

-

Pension reserve

438,860

418,860

418,860

418,860

418,860

Earmarked reserves

-154,633

-151,484

-138,129

-142,787

-142,310

Revenue account

-23,300

-28,969

-24,143

-19,000

-17,726

Total net worth

-2,431,333

-2,521,990

-2,575,003

-2,632,824

-2,711,208

Balance sheet projections reflect the spending assumptions in the 2009/10 budget and 2010/11 and 2011/12

provisional budgets, the 2009/10 to 2011/12 capital programmes and the three year treasury management strategy

approved by the Cabinet in February 2009. Further assumptions have been made about the impact of the

revaluation of fixed assets, changes in the pension fund liability and in the level of current assets and liabilities.

The critical assumption underlying the projected decrease in net assets of £280m between 31 March 2008 and 31

March 2012 is the impact of revaluation of fixed assets, net of external financing, which accounts for the increase.

A18