To seek approval for the Annual Governance Statement for inclusion with the Council’s published Financial Statements, and approval of the Audited Financial Statements 2020/21 for publication (report of the Deputy Chief Executive – Corporate Development (S151) enclosed).
Consideration was given to the report of the Deputy Chief Executive – Corporate Development (S151) which sought approval for the Annual Governance Statement for inclusion with the Council’s published Financial Statements, and approval of the Audited Financial Statements 2020/21 for publication.
Officers highlighted the following points:
· The external audit of the Financial Statements was now complete, as covered in the previous agenda item. All outstanding information had now been provided to EY, and there were no further issues arising.
· Members were asked to give delegated authority for further amendments, if required, and approval of the Financial Statements to the S151 Officer and the Chairman of the Committee – the report would be signed off next week.
· There were a small number of presentational adjustments made to ensure compliance with the Code of Practice on Local Authority Accounting. Enhanced disclosures had also been made in relation to the grants note, with more detail on income and expenditure relating to Covid grants.
· An adjustment had been made to the pension liability following the revised report that was received, which contained updated asset values. This had resulted in a reduction of the net pension liability of £1.2million.
· Two audit differences remained unadjusted. The Council’s share of PSPS’s net pension liability had been estimated to be overstated by £283,000 due to PSPS’s accounts and audit process being concluded before the revised pension report was received. EY also identified a grant receivable, due to be accounted for in 2020/21 (£91,000) but included in 2021/22. These items were not material.
That the Financial Statements 2020/21 (Appendix A)
2) That the S151 Officer, in consultation with the Chairman of the Committee, be authorised to approve any amendments, if required, after the Committee date and prior to the official signing of the Accounts;
3) That the Annual Governance Statement 2020/21 be approved; and
4) That, following review and approval by the Committee of the letter of representation to EY (Appendix B), the S151 Officer and Chairman of the Committee be authorised to sign it on the Committee’s behalf.