Issue - meetings

A report by Ellie Stacey, Deputy Chief Finance Officer (Corporate), PSPS

The Deputy Chief Finance Officer presented a report which contained the unaudited Financial Statements including Annual Governance Statements to the Committee.

Attached at Appendix A of the report was the unaudited Financial Statements for 2021/22, the appendix also included the Comprehensive Income and Expenditure Statement, Movement in Reserves Statement, and Balance Sheet as at 31 March 2022.

The Accounts and Audit Regulations 2015 require that;

• The Responsible Finance Officer (Section 151 Officer) signs the unaudited Financial Statements no later than 31 May each year; and
• The Financial Statements be considered and approved by a Committee of the Council no later than 31 July each year.

Due to the Coronavirus Pandemic the regulations for the period 2021/22 have been amended as follows;

·         The Responsible Financial Officer (Section 151 Officer) signs the unaudited Financial Statements no later than 31 July 2022;

·         The Financial Statements including the Annual Governance Statement be considered and approved by a Committee of the Council no later than 30 September 2022.

The Deputy Chief Finance Officer reported that the net worth of the Council had increased by £13.646m, and this was also reflected in the Comprehensive Income and Expenditure Statement. Other major changes include;

• An increase of £2.8m in Long Term Investments, due to an increase in the value of property funds in the year.
• A decrease of £1.4m in Short-term Debtors, partly due to the accounting entries associated with the resulting deficits on the Council Tax and Business Rates Collection Fund at 31 March 2022.
• A net increase of £9.3m in Cash and Cash Equivalents due to increase cash received in 2021/22 relating to government grants to be utilised in 2022/23. This was also included in the net increase of Short-term creditors of £4.7m as the monies were owing back to Central Government at 31 March 2022.
• The Actuary’s assessment of the Council’s net pension liability decreased by £9.2m, as a result of changes in demographic and financial assumptions, but had only reduced on the Balance Sheet by £6.2m as the 2021/22 position includes Boston’s share of PSPS’ pension liability.

It was confirmed that the Council’s net worth had increased as at end of March 2021 due Government Grants being received this elevated the figure at the end of the year.

RESOLVED: That the Committee considered the report.

(Mr Pickering agreed with the decision)