Issue - meetings

To note the report and the draft unaudited financial statements for 2022-23

The Committee received a report from the Chief Accountant on the draft unaudited financial statements for 2022-23.

The Chief Accountant advised the Committee that while there were some issues with the report, the accounts represented a fair and true account of the financial position of the Council. The Chief Accountant informed the Committee that three new members of staff joined the Finance Team between 1 March 2023 and 17 April 2023 and made an important impact which enabled the accounts to be published by 31 May 2023. The Chief Accountant extended his thanks to those staff members.

The Chief Accountant highlighted the valuation change and stated that while this was a large change, it only represented a paper loss and would only impact the council if they decided to sell the assets.

The Committee queried what assurance there was that issues identified in the accuracy of the accounts would not be repeated in subsequent years. The Chief Accountant advised that they were now able to produce reports directly from Centros rather than a spreadsheet. The Deputy Chief Executive also reiterated that the Finance Team had been considerably strengthened.

The Committee queried why some assets were revalued on a five-yearly basis and were advised that assets under £1m were revaluated every five years, those over £1m would be revaluated yearly.

The Committee resolved to note the report and the draft unaudited financial statements, which were published on the Council’s website on 31 May 2023, in accordance with the statutory deadline.