Agenda item

6.1

The Committee received a report of the Executive Director Resources. The purpose of the report was to communicate any relevant matters arising from the external audit of the 2020/21 Statement of Accounts to Members.

6.2

The Head of Strategic Finance, Dave Phillips, requested that approval be delegated to the Chair of the Audit and Standards Committee, in consultation with the Section 151 Officer, to conclude the audit by signing the Letter of Management Representations and the Statement of Accounts for 2020/21 on the conclusion of the audit by Ernst & Young.

6.3

The Head of Strategic Finance informed that Committee there had been three main areas of movement which had impacted the Council’s Statement of Accounts. These were: -

• Covid Grants
• Council Housing
• Property Services valuations

6.4

The Head of Strategic Finance agreed to investigate why Sheffield had an outstanding long-term debt of over £1m pounds to Doncaster Council.

6.5

The Head of Strategic Finance explained the increase in creditors figure from £181,236k to £301,458k was again Covid related and due to grants and business rates. The Executive Director Resources, Eugene Walker added that due to the significant number of business rates been cancelled or relieved, the Government compensated the Council to cover these which caused the figure to increase.

6.6

Clair Sharratt, Senior Finance Manager, stated that page 152 of the report gave a more detailed breakdown on the expenditure for Housing Revenue Accounts and that the difference between the years was due to variations in the property valuations of the Housing stock.

6.7

The Head of Strategic Finance advised that the Council did not have a specific climate change reserve although other reserves could be used if crucial.

6.8

RESOLVED: That (1) the Audit and Standards Committee noted the 2020/21 Sheffield City Council Audit Results Report; and

(2) the Audit and Standards Committee approved the Statement of Accounts for 2020/21 and requested that approval was delegated to the Chair of the Audit and Standards Committee to conclude the audit by signing the Letter of Management Representations and the Statement of Accounts for 2020/21 on conclusion of the audit by Ernst & Young LLP (EY).