Agenda item

Report of the Chamberlain.

The Committee considered a report of the Chamberlain concerning an update on the audit of the 2023-24 Statement of Accounts for the City Fund and Pension Fund.

The committee recommended the approval of the City Fund and Pensions Fund 2023/24 statement of accounts, acknowledging the considerable effort put in by the finance team and auditors. It was noted the final accounts had undergone extensive audits over the past few months, and the team worked diligently on financial audits, recruitment, training, and improving working practices. Members noted that adjustments were made to correct duplications and an arithmetic error in the fixed asset register, which had no implications for general fund balances.

It was noted that the finance team planned to implement a software-based program, CIPFA Asset Management, for the fixed asset register to reduce human error and improve accuracy in future audits. The auditors praised the finance team for their efficiency and noted that the City Fund was ahead of many local authorities in completing their financial statements.

RESOLVED – That Members,

a)     Recommend approval of the 2023-24 Statement of Accounts to Finance Committee.

b)     Authorise the Chamberlain, in consultation with the Chairman and Deputy Chairman of the Audit and Risk Management Committee, to approve any material changes to the financial statements required before the signing of the audit opinion by Grant Thornton, which is expected by 30th September 2024.