The statutory framework
About this course
LGA 1972, LGA 2003, the Capital Finance Regulations, the S151 officer role, statutory guidance and Codes, and Section 114 in detail. The legal foundations of LA treasury.
What you'll learn
- The foundational acts
- The S151 officer
- Capital Finance Regulations
- Statutory guidance & codes
- S114 in detail
Part of these pathways
Related courses
- The CIPFA Prudential Code
- The CIPFA Treasury Management Code
- The 12 TMPs in detail
- Prudential Indicators in detail
- Investments for service & commercial purposes
- Commercial investment: the cautionary cases
Common questions
What is 'Have regard'?
A specific statutory phrase. Councils must consider the guidance, document their consideration, and provide reasoned justification if departing from it. Not strict compliance — but close.
What is Capital Finance Regulations?
The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (as amended). Set the statutory framework for what counts as capital expenditure, MRP rules, and the prudential regime.
What is LASAAC?
The Local Authority (Scotland) Accounts Advisory Committee. Sets accounting practice in Scotland; English equivalent is the Code of Practice on Local Authority Accounting.
What is LGA 1972?
Local Government Act 1972. The foundational statute for English local government structure. Section 151 established the personal statutory responsibility of the council's chief finance officer.
What is LGA 2003?
Local Government Act 2003. The statutory basis for the modern prudential capital regime. Sets the requirement for authorised limit, operational boundary, and the Prudential Code framework.
What is MHCLG / DLUHC?
Ministry of Housing, Communities and Local Government (now Department for Levelling Up, Housing and Communities, recently renamed again). Issues statutory guidance on local authority finance.