Decision details

Khadija Saeed, Head of Corporate Finance presented the 2023/24 Statement of Accounts for Lancashire County Council and Lancashire County Pension Fund for approval.

Members thanked the Corporate Finance Team for their work to prepare the council's accounts by the statutory deadline and to Khadija for delivering the member briefing on the statement of accounts, held Friday 19 July.

In response to questions from members, it was clarified that:

·  Additional supporting information would be provided to members after the meeting on the difference in figures between the borrowing figures included in the accounts' balance sheet and the previously reported summary of treasury management.

·  'Payments in advance' referred to payments made by the council in advance of a service being delivered, i.e. a payment in one financial year to cover services for future financial years, which would not be considered expenditure for the year in which the payment was made. Payments in advance often allowed the council to get an early payment discount.

·  Consideration would be given to including additional notes, for clarification, about the council's earmarked reserves in response to members' queries.

Resolved: That the 2023/24 Statement of Accounts for Lancashire County Council and Lancashire County Pensions Fund, as set out, be approved.