In accordance with regulation 113 of the Public Contracts Regulations 2015, please see the information on the council's prompt payment performance.
| Financial year | Percentage of invoices paid within 30 days * | Interest (£'s) actually paid to suppliers ** | Interest (£'s) liable to be paid to suppliers *** |
|---|---|---|---|
| 2022-23 | 98.91% | £0.00 | £70,351.00 |
| 2021-22 | 98.59% | £0.00 | £39,098.00 |
| 2020-21 | 97.82% | £0.00 | £35,938.00 |
| 2019-20 | 97.73% | £0.00 | £43,019.00 |
| 2018-19 | 94.74% | £1,416.88 | £160,278.12 |
| 2017-18 | 95.56% | £213.44 | £96,007.20 |
Notes
* The data presented here is based on invoices registered within the council’s accounts payable system. The time taken to pay is calculated from the date an invoice is first registered in the system. The data excludes payments to individuals (such as foster carers or transfer payments etc.), schools and other government bodies and items understood to be in dispute at the end of the financial year.
** Based on items recorded as late payment charges in the council's general ledger.
*** This is the maximum potential liability for penalty interest based on the application of the statutory interest for late payment, defined as 8% + BoE base rate, applied to all prime or first tier contractor supplier invoices paid in excess of 30 days from the registration date. Where the base rate has varied in year, the highest rate in-year has been applied. In practice, invoices would need to be considered on a case by case basis to determine if there has been a dispute, late receipt of associated goods or noncompliance with the council's invoice procedures. These factors would likely mean the actual liability is lower than that stated here.