Agenda item

9.1

Dave Phillips, Head of Strategic Finance, attended the meeting and presented the report.

9.2

Dave Phillips explained that Committee had seen the draft Statement of Accounts in June and Members had had training with an external trainer.  There were a couple of uncorrected items.  In the changes to PFI, there were a couple of transactions that had been entered the wrong way round.  Discussions were still ongoing on how to treat Covid-19 grants, but this would not change the Council’s position.  Due to some work that was still ongoing, it was requested that approval be given to delegate authority to the Chair of the Audit and Standards Committee to sign off the Statement of Accounts when complete.

9.3

Councillor Simon Clement-Jones asked where the Council was at with regard to its reserves.  Dave Phillips replied that the Council had a very small surplus last year and the current position was reasonable.  The pandemic had created very significant lost income and additional expenditure, but there would be Government financial support in 2020/21 and 2021/22, but the Council would be under pressure after that.

9.4

Councillor Simon Clement-Jones asked why short-term investments had increased.  Dave Phillips explained that a £30 million COVID-related grant had been received at the end of March 2020, which had increased the short-term investment balance at the year end, until the funds are needed to meet COVID related expenditure. The Council’s cash position was relatively robust currently and for the foreseeable future.

9.5

Members asked questions regarding what assets had been sold during 2019/20 and why short-term debtors had been lower.  Officers undertook to supply details to the Committee.

9.6

The Chair thanked officers on behalf of the Committee and noted that it had been a difficult year.

9.7

RESOLVED: That (1) Audit and Standards Committee note the Memo to those Charged with Governance (ISA 260) 2019/20; and

(2) Audit and Standards Committee delegates approval of the Statement of Accounts for 2019/20 to the Chair of the Committee and to request that delegated approval also be given to the Chair of the Audit and Standards Committee to conclude the audit by signing the Letter of Management Representations.