Decision Maker: Accounts and Audit
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: No
The Director of Resources submitted a report asking Committee to formally approve the Statement of Accounts for 2020/21 following completion of the audit.
The Head of Financial Services reminded Members that their role in approving the Statement of Accounts, following the conclusion of the audit, was to demonstrate their ownership of the statements, their confidence in the Director of Resources and the process by which accounting records are maintained and the statements prepared.
He reported that:
· It had not been possible to meet the publication deadline this year due to technical complications in respect of the numerous COVID-19 funding streams and the additional work associated with the pandemic.
· There had been a final outturn surplus of £158,496 rather than the £187,000 deficit forecast as at the revised estimate.
· There had been £1,398,000 more (revenue only) added to the earmarked reserves than forecast as at the revised estimate, and that this had been largely due to the accounting treatment required for grants received, but yet to be spent – notably COVID-19 grants.
· The large movements in the Council’s earmarked reserves in respect of COVID-19 are expected to be held in the short term, particularly the £2.578m in respect of the Business Rates S31 funding which will offset the collection fund deficit in 2021/22.
The Chairman thanked the Head of Financial Services and his staff for all their hard work in achieving the closedown of the accounts.
RESOLVED THAT COMMITTEE:
Approve the audited Statement of Accounts for 2020/21.
Report author: Averil Crowther
Publication date: 01/12/2021
Date of decision: 17/11/2021
Decided at meeting: 17/11/2021 - Accounts and Audit