This survey by the Chartered Institute of Public Finance and Accountancy reveals that although external funding is a valuable source of alternative income for local authorities, not all are making the most of the opportunities available to them. External Funding is money paid to local authorities not accounted for within the Formula Spending Share and distributed by various UK and EU agencies.The survey indicates that many local authorities do not know how many bids they submit annually and, of those, how many are successful. Feedback from local authorities indicates the need for effective performance management data on external funding. The vast majority of local authorities recognise the importance of this and welcome the benefits of such an approach. However, there is clearly room for improvement , particularly as external pressures are forcing them to take tough spending and funding decisions.
The survey is available to CIPFA subscribers at www.cipfastats.net . It can be downloaded by non-subscribers at cost of 110 pounds.