Issue - meetings

The Financial Services Manager presented the audited statement of accounts for 2022/23 and was pleased to report that the audit had been finalised and signed off by Mazars. Members had received the statement of accounts at the Governance and Audit Committee meeting on 26 September 2023. There was one outstanding item which was the audit of the Lincolnshire County Council pension fund, and this had now been completed. As highlighted at the previous meeting, the accounts had received an unqualified opinion and there were no material misstatements. The Financial Services Manager concluded the report and invited Members to ask any questions.

Members discussed the delay in signing off the 2022/23 accounts due to the outstanding audit of the pension fund and asked if anything could be done to mitigate any delays in the future, such as communication from the pensions team at an earlier stage. The External Auditor responded that there were unexpected resourcing issues due to a member of the pensions team on bereavement leave which caused the delay. The Vice-Chair expressed their understanding and felt there was no further action necessary given the circumstances.

Members questioned the variations in the future capital investment plans table on page 47 of the report relating to Our Place with £15 million reported for 23/24 reducing to £50,000 in 26/27. The Section 151 Officer responded that Members approved the capital programme which included two significant grant streams, the levelling up funding and the UK shared prosperity grant funding. The council had received no further grant funding, and this had been  reflected in the total allocated.

Members referred to the Local Government Pension Statement Asset Categories table on page 116 of the report pack and made comments regarding the figures and fall in value of assets. The External Auditor explained that the information was subject to further audits and assurances had been given for the pension report.

Members asked a question surrounding the reserves in the balance sheet. The Section 151 explained that any changes in the pension valuation would affect the reporting of reserves.

            RESOLVED

1)    That Members reviewed the attached Statement of Accounts and confirmed that there were no concerns arising from the Financial Statements that needed to be brought to the attention of the Council.

2)    That Members approved the Statement of Accounts for 2022/23.

3)    That Governance & Audit Committee permitted the Section 151 Officer and the Chairman of this Committee to certify the letter of representation to the External Auditor, Mazars