Agenda item

The Committee considered a report of the Corporate Director of Resources which presented the draft Statement of Accounts for the year ended 31 March 2022 (for copy see file of minutes).

The Finance Manager - Revenue, Pensions and Technical Accounting reported the key points set out within the report relating to the four core statements, the movement in the general reserves, earmarked reserves and the Pension Fund net assets.

It was noted that the Statement of Accounts were available for public inspection from 24 June 2022 to 4 August 2022 and the accounts were currently being reviewed by the external auditor (Mazars LLP). It was expected that the final statement of accounts for 2021/22 would be presented at the Audit Committee in September 2022 for approval.

The Corporate Director of Resources placed on record his thanks to the Finance Team for their hard work to produce the draft accounts and supporting statements during a very challenging time.

Responding to a query from Mr I Rudd regarding where risks and liabilities relating to site developments were referenced in the accounts, the Finance Manager - Revenue, Pensions and Technical Accounting indicated that lease liabilities were referenced at page 311 of the papers. The Corporate Director of Resources explained that the Council holds the head leases for the property and holds the value of the lease as a long-term liability which was reported as part of the Treasury Management Outturn reports. He added that budgeted funds for property head leases were offset by income budgets for the letting of the individual units with the Council carrying the risk or benefit where this exceeded the headlease cost. Budget pressures and risks were considered as part of the original budget setting and MTFP process.

Resolved:

That the Draft Statement of Accounts for the County Council for the financial year ended 31 March 2022 be noted.