Issue - meetings

The Committee were presented with the Unaudited Statement of Accounts for Scrutiny. The Accounts had been approved for issue by the S151 Officer on 31 May 2023 to the Auditor, Mazars, prior to this statutory deadline for consideration and review. These were published on 31 May 2023 and available until 12 July 2023 for public inspection.

The Committee was responsible for the approval of the Statement of Accounts and any material amendments of the accounts recommended by the external auditors. The statement of accounts had been prepared under the International Financial Reporting Standards based Code of Practise on Local Authority Accounting.

The Audited Statement of Accounts would therefore be presented to the Committee on 26 September 2023 after the audit process. The Unaudited Statement of Accounts for 2022/23 had been prepared under the International Financial Reporting Standards based Code of Practice on Local Authority Accounting (the Code). Members noted that extended deadlines again applied as they had the previous year, with the unaudited accounts having to be published on or before 31 May 2023. Audited accounts must be published by 30 September 2023.

In his introduction, the Financial Services Manager clarified the items in the statements which were displayed as positives were expenditure and items displayed either with a minus sign or in brackets were income. Items within the accounts that the Officer was keen to highlight were the primary statements which showed an improved balance sheet position mainly due to an improved position on the Pension fund. This was due to increased investment returns and changes to longer term assumptions.

The general fund had reduced slightly to £4.682 million (m) as planned which was still well within prudent levels. Earmarked reserves had increased slightly as the Council had achieved a budget surplus for 2022/23. The Council was still holding £3.7m of capital grants at the balance sheet date for schemes which were due to be delivered in 2023/24. The Comprehensive Income and Expenditure Statement showed an accounting surplus on services of £1.841m. This had then been reconciled to the actual budget surplus in the Expenditure and Funding Analysis found at note 7 in the accounts.

The Financial Services Manager stated the key message was that the Council had good reserve levels and a robust medium term financial strategy which together meant the Council was an ongoing concern with no material uncertainty at this stage. In concluding his assessment, the Officer placed on record his thanks to the finance team who had worked very hard during March, April and May to meet the deadline for producing the accounts.

Members of the Governance and Audit Committee would be provided with specific training on the Statement of Accounts, as required by the Constitution, prior to the relevant Committee Meeting.

Debate ensued, and Members referenced the balance sheets and made comments about the financial performance of several parts of the Council. Further assurance was requested about the reserves and contingency planning by the Authority. It was explained by the Section 151 Officer that  ...  view the full minutes text for item 10