MORE than £50 million has been wiped off the value of Selby District Council’s assets, an annual report has revealed.

According to the document, released this week, the net worth of the council, including land and property values, investments, stock value and borrowings, was £105.015 million as of March 31, £50.9 million less than at the end of the previous financial year.

The report said the fall was mainly due to a change in the method of valuation used nationally for social housing land and buildings.

A spokesman played down the reduction, likening it to a change in the housing market.

He said if a person’s house price rose or fell, it does not mean they have more or less money in their bank accounts.

In total, the council brought in £143,571,000 during 2010/2011, and had to give out £38,556,000 to cover money loaned from others and other liabilities.

Earlier this year, the council started a new Service Delivery Vehicle (SDV), with the intention of saving £1.5 million this year, and £3 million by 2014 by using 14 core council staff to contract out services to third party organisations.

A spokesman for the council said the recent structure changes were not a result of the fall, and the drop in the authority’s net worth would not affect the coffers of the council.

He said: “This is merely a ‘book’ entry. It doesn’t have an impact on the day-to-day delivery of our services. We don’t have to find equivalent savings.”

According the report, the council received £45.1 million in income last year, with £28 million from Government grants, £9.9 million from housing rents, and £4.7 million from council tax.

To read the annual report, which also features the council’s plan for the next four years, go to selby.gov.uk