Issue - meetings

1.30 p.m.

Report by the Director of Finance.

This report sets out the latest position on the preparation of the 2020/21 Statement of Accounts including:

·                     The latest timetable for the 2020/21 Statement of Accounts and external audit

·                     The draft Narrative Report

·                     The draft Going Concern Assessment

The Committee is RECOMMENDED to

a)    note the latest timetable for the 2020/21 Statement of Accounts and external audit

b)   comment on the draft Narrative Report and Going Concern assessment that will form part of the Statement of Accounts

Recommendation agreed.

Hannah Doney, Head of Corporate Finance introduced the Statement of Accounts 2020/21 report which set out the latest position on the preparation of the 2020/21 Statement of Accounts including:

·         The latest timetable for the 2020/21 Statement of Accounts and external audit.

·         The draft Narrative Statement.

·         The draft Going Concern Assessment.

Hannah Doney further highlighted the amended Accounts and Audit (Amendment) Regulations 2021 which include an extension to the deadline for the completion of the external audit from 31 July to 30 September for two years relating to the 2020/21 and 2021/22 accounts.  It is currently expected that the Council’s draft accounts will be authorised by the Director for Finance for publication on or shortly after 7 June 2021, and published on the County Council’s website, which also marks the period of public inspection which must last for 30 working days, and a notification of this publication will be sent to members of the Audit and Governance Committee.

Hannah Doney and Lorna Baxter, Director for Finance responded to Members’ queries as follows:

·         The Narrative Statement makes reference to the change of administration, however reference to this can also be made on the Corporate Plan.  The figures supplied will be different as they relate to last year, as is a ‘refresh’ rather than ‘rework’ and will be shown correctly on the updated Corporate Plan later this year.

·         The accounting policies are set out in a programme circulated to this Committee in March, and assets are revalued every three years.

·         Performance indicators are included in the year end Business Management and Monitoring Report which will be considered by Cabinet in June.

·         The year-end underspend position is not what we would usually expect to see.  It is due to the exceptional circumstances of COVID, there are areas of overspend in school transport, and also underspend in property.

·         Council Tax surpluses arise when collection is higher than predicted by the District and City Councils over the year and are closely linked to growth which is difficult to predict.

·         The Business Management and Monitoring Report – March 2021 will be sent to Cabinet for the 22 June 2021 meeting and will include a reflection of the year in more detail. 

·         The Contain Outbreak Management fund is government funding from November 2020 to support the November/ December lockdown period. 

Following on from the Audit and Governance briefing sessions made available to all members of this Committee, it was agreed to run a further detailed briefing on the Statement of Accounts 2020/21, agreed for 23 June 2021.  Clerk to organise virtual session.  (ACTION)

RESOLVED to

a)    note the latest timetable for the 2020/21 Statement of Accounts and external audit.

b)    comment on the draft Narrative Report and Going Concern assessment that will form part of the Statement of Accounts.