Chartered Institute of Public Finance and Accountancy



Public Money & Management

Volume 24, Number 3

June 2004

Contents

EDITORIAL
THEME: PUBLIC SERVICE FINANCES
Andrew Gray and Jane Broadbent

Local Authority Finance and Accounting in Wales
Sue Essex AM

The Real Benefit of the PFI?
Albert Ratcliffe

Local Authority Investments
John Hopwood

ARTICLES

Financing Devolution in Practice: The Barnett Formula and the Scottish Budget, 1999-2003
Arthur Midwinter

Has Devolution Increased Democratic Accountability?
Mahmoud Ezzamel, Noel S. Hyndman, Åge Johnsen, Irvine Lapsley and June Pallot

Reporting PFI in Annual Accounts: A User's Perspective
Ron Hodges and Howard Mellett

Financing Higher NHS Spending from Increased National Insurance
Stephen Bailey and Lisa Fingland

Gambling as a Base for Hypothecated Taxation: The UK's National Lottery and Electronic Gaming Machines in Australia
David Pickernell, Kerry Brown, Andrew Worthington and Mary Crawford

NEW DEVELOPMENTS

Securitization in Public Sector Finance
Peter Armstrong and Peter Fletcher

Reply to Armstrong and Fletcher
Pat Crawford

Structured Finance for Universities
Douglas D. Pinnock

Financial Management and Effectiveness in Public Service Organizations: The CIPFA FM Model
Sue Beauchamp and Carole Hicks.