Issue - meetings

The Committee received the report of the Executive Director of Finance, Commercialisation and S151 Officer seeking approval of the Statement of Accounts 2021/22 and changes made to the draft identified during the audit. 

The Committee discussed the following:

·  The revaluation of Council dwellings;

·  Pension Fund liabilities;

·  Loss of current assets, specifically when a school transfers to become an academy this was recorded as a notional loss in the local authorities accounts;

·  The fully utilised Social Care demand, pressures in this area, how reserves were used as a short term resolution and the requirement of the S.151 to provide help with demand and unexpected risks that would be reflected in the Budget proposed to Council in February;  

·  Schools reserves – due to the Pandemic and periods of lockdown schools were more in surplus than had been anticipated or expected resulting in small surpluses;

·  Number of affordable houses – to include the mix of social housing that has been built. 

·   

RESOLVED:

(i)  Notes the changes to the Statement of Accounts 2021/22 as a result of the annual audit as detailed in paragraphs 5 to 7 and appendix 1, none of which change the overall bottom line position for the Council for 2021/22.

(ii)  Approves the rationale for not correcting the audit differences relating to Education gross expenditure and income, the valuation of Property, Plant and Equipment (PPE) and Short Term Debtors and Creditors Balances as set out in paragraphs 8 to 12.

(iii)  Notes that infrastructure assets have been disclosed at net book value in line with the Chartered Institute of Public Finance and Accountancy (CIPFA) consultation on temporary changes to the Code of Practice on Local Authority Accounting in the UK (the Code), however removal from the Code of the need to report gross cost and accumulated depreciation had not been formally approved at the time of writing this report, as set out in paragraphs 13 to 16.

(iv)  Considers and approves the audited Statement of Accounts 2021/22; and

(v)  Resolves that the Executive Director for Finance, Commercialisation & S151 Officer, after consultation with the Chair of the Committee, can make any further minor changes to the Statement of Accounts 2021/22 that may arise during completion of the audit.