Agenda item

City Fund Accounts

Minutes:

The Committee received an update concerning the audit completion process for the 2020-21 City Fund and Pension Fund Accounts.

 

The Chamberlain reassured Members that the technical query raised would not have a negative impact on borrowing. This issue did not question the underlying data in the accounts, nor would result in a change in the main statements; the issue is isolated to the disclosure supporting the cashflow statement and would not change the net position currently presented in the accounts.

 

In response to a query, the Chamberlain confirmed that, going forward, the auditor will recommend that individual fund balances are maintained and that would need to be taken into account in future years. The Chamberlain informed Members that the Greater London Authority had a similar issue, and the City were in discussions with the GLA on best practice and efficiencies in this area.

 

RESOLVED – That the Committee noted the Report.

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