Decision details

Khadija Saeed, Head of Corporate Finance and Exchequer Services presented the council's statement of accounts for 2023/24 and management letters of representation.

The committee was asked to re-approve the statement of accounts which had been amended following the external audit, which was now substantially complete.

In response to questions, members were informed that:

·  Section 278 monies received by the council were not listed explicitly in the accounts. If they were unspent, they were included in the council's balance sheet under 'capital grants unapplied' and, if they were spent, they were included in the Comprehensive Income and Expenditure Statement (CIES). More information about section 278 monies received by area would be shared with members after the meeting.

·  Member oversight of management's actions, for example through Cabinet and the Scrutiny Management Board's budget scrutiny process, ensured decisions about the council's finances were robustly challenged.

·  Payments in advance, which were made either due to circumstance or to take advantage of a discount, were reported in the statement as not relevant to the year of the accounts.

Members commended officers for the 2023/24 revenue outturn position and thanked Grant Thornton for their work to complete their audit in a timely manner.

Resolved: That

i.  The council's statement of accounts 2023/24, as set out, be approved;

ii.  The interim Chief Executive (Chief Financial Officer) be authorised to approve any immaterial further changes to the statement of accounts for 2023/24; and

iii.  The management letters of representation, as set out, be approved and signed by the interim Chief Executive (Chief Financial Officer) and the Chair of the Audit, Risk and Governance Committee, prior to them being made available to the external auditor.