Agenda item

Councillor Jabbar MOVED and Councillor Fielding SECONDED a report of the Director of Finance which advised Council of the recently approved 2019/20 audited Statement of Accounts and the External Auditor (Mazars LLP) Audit Completion Report (ACR) and Annual Audit Letter.

The report presented the Council’s audited Statement of Accounts for the financial year 2019/20 as considered by the Audit Committee on 21^st July 2020.  Delegated authority was given to the Vice Chair of the Audit Committee afters consultation with the Director of Finance to approve the accounts pending the resolution of two outstanding queries.  The first was assurance with regard to the audit of the Greater Manchester Pension Fund (GMPF) and the second, the resolution of an outstanding item related to the Council’s investment in the Manchester Airport Holdings Limited.  The accounts were subsequently approved on 10^th November 2020, with only one change to the Statement of Accounts presented and accepted at the Audit Committee on 21^st July 2020, being additional wording required on the assurances of asset valuations highlighted as a result of the conclusion of the GMPF audit.

The report highlighted:

·         The overall revenue outturn position for 2019/20 was a surplus of £0.270m.  This was in increase on the favourable variance of £0.065m projected at month 9 that was reported to Cabinet on 23^rd March 2020.

·         The year-end variances that were attributable to each Portfolio.

·         Schools balances at 31^st March 2020 at £5.487m but offset by the deficit on the Dedicated Schools Grant (DSG) of £4.916m leaving a net balance of £0.571m held within Other Earmarked Reserves.

·         The final Housing Revenue Account (HRA) balance was £21.796m.

·         The balance on the Collection Fund was a surplus of £3.295m.

·         The small reduction in revenue account earmarked reserves of £1.263m to a level of £79.360m, a decrease in other earmarked reserves of £4.431m to a level of £8.504m and an increase in the General Fund balance of £0.270m to £15.110m, reflective of the revenue outturn position.

·         Expenditure on the Council’s capital programme for 2019/20 was £54.383m which was an increase on the month 9 forecast expenditure of £52.497m.  The increase in expenditure required funding allocated to future years to be re-profiled to fully finance the Capital Programme in 2019/20.

·         Capital Receipts in year totalled £9.914m, all of which were used to finance the Capital Programme in year.

·         The significant items in each of the primary financial statements.

·         The preparation of the Group Accounts incorporating the Councils two wholly owned companies – the Unity Partnership Ltd. And MioCare Community Interest Company.

·         The performance of the Finance Team in closing the accounts.

The presentation of the audited Statement of Accounts provided Council with the opportunity to review the Council’s year-end financial position (following completion of the audit by the Council’s External Auditors, Mazars LLP). The Statement of Accounts was also presented to Cabinet at its meeting on 14^th December 2020.

RESOLVED that Authority’s final accounts position for 2019/20, the Statement of Accounts and the Audit Completion Report be noted.