Report of the Chamberlain.
Members considered a report of the Chamberlain relative to the 2019/20 City Fund and Pension Fund Financial Statement. The Chamberlain noted that the accounts were in good financial position at end of last year and that surpluses were planned which would be used towards financing major projects. Furthermore, there was considerable underspend on the budget as a result of business rates retention across London and the London pool, which had come in nearly £11M better than forecast. Deficits from previous years were balanced by surpluses.
With respect to the BDO report, it was noted that bank reconciliation (£126k) needed to be balanced. The audit work was impacted by related party transactions and Members’ declarations which had not been disclosed by all Members.
With respect to delegations on further changes, the Chamberlain planned to meet with the Chairman and Deputy Chairman of Finance Committee to discuss the draft statements prior to their presentation to the Finance Committee. The report was accompanied by the BDO audit completion report.
RESOLVED, that – Members agree to:
1. consider the content of BDO’s audit progress report;
2. recommend approval of the 2019-20 City Fund and Pension Fund Statement of Accounts to Finance Committee; and,
3. delegate authority to the Chamberlain, in consultation with the Chairman and Deputy Chairman of the Audit and Risk Management Committee, approval of any material change to the financial statement required before the signing of the audit opinion by BDO, which is expected by the end of November.