Agenda item

Report of the Chamberlain.

Members received a report of the Chamberlain providing an update on the Statement of Accounts for City Fund and Pension Fund.

Members noted that a briefing session would be held on 27 September. The output from this session would form part of the Chamberlain’s delegation.

The Chairman thanked the Financial Services Director and her team for their work on resolving the issues on the 2020/21 accounts.

A Member noted that the Local Government Pensions Board had previously had sight of reports concerning the Pension Fund Statement of Accounts. Officers confirmed that the report was on the agenda for the following meeting of that Board, with the Pensions Committee also kept informed.

The Chamberlain clarified that a significant change meant a material change, which currently was regarded as an amount exceeding £5m.

Resolved, that – Members:

a)    Note the progress made on the 2020/21 accounts.

b)    Consider the Audit Progress Report 2021/22 as set out in Appendix 2.

c)    Note the responses from Management as per Appendix 3 and Appendix 4.

d)    Authorise the Chamberlain, in consultation with the Chairman and Deputy Chairman of the Finance Committee, to approve any significant changes to the 2021/22 Statement of Accounts that may be necessary before the issuance of the audit opinion by GT, expected by the end of September 2023