Agenda item

2020/21 Annual Statement of Accounts

Minutes:

Councillor Jabbar MOVED and Councillor Shah SECONDED a report of the Director of Finance which advised Council of the recently approved 2020/21 audited Statement of Accounts and the External Auditor (Mazars LLP) Audit Completion Report (ACR).

 

Members were informed that OldhamCouncil was among the 9% of Councils that had complete their accounts for last year by the statutory dealine and thanks were offered to all concerned.

 

The report presented the Council’s Statement of Accounts for the financial year 2020/21 as considered by the Audit Committee on 29 July 20201. Delegated authority was given to the Vice Chair of the Audit Committee after consultation with Director of Finance to approve the accounts, pending the completion of the outstanding work on the Council’s group accounts, IT audit and the receipt, by the External Auditor, of assurances with regard to the audit of the Greater Manchester Pension Fund (GMPF).

 

The accounts were subsequently approved on 30 September 2021 within the statutory deadline. There were no changes to the Statement of Accounts presented and accepted at the Audit Committee on 29 July 2020.

 

The report highlighted:

·         The overall revenue outturn position for 2020/21 was a surplus of £2.153m;

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

·         The level of grants received in relation to the COVID-19 Pandemic;

·         Schools balances at 31 March 2021 were £9.306m

·         The Dedicated Schools Grant (DSG) deficit was £3.560m which is now held in an unusable reserve rather than being netted off the Schools balances (as presented in the accounts in previous years);

·         The final Housing Revenue Account (HRA) balance was £21.370m;

·         The balance on the Collection Fund was a deficit of £27.213m;

·         The revenue account earmarked reserves at £113.512m, other earmarked reserves at £29.452m (Revenue Grant Reserves of £20.145m plus School Balances as above) and an increase in the General Fund balance of £2.153m to £17.263m, reflective of the revenue outturn position;

·         Expenditure on the Council’s Capital Programme for 2020/21 was £73.227m which is an increase on the month 9 forecast expenditure of £71.012m. The increase in expenditure required funding allocated to future years to be re-profiled to fully finance the Capital Programme in 2020/21;

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

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

·         The Annual Governance Statement;

·         The performance of the Finance Team in closing the accounts

 

The presentation of the audited Statement of Accounts provided Council Members 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).

 

RESOLVED that:

1.    The Council’s final accounts position for 2020/21, the audited Statement of Accounts, the draft Audit Completion Report and subsequent letter entitled Completion of Pending Matters – Audit Completion Report be noted.

2.    It be noted that the audit of the accounts for 2020/21 by the External Auditors Mazars LLP could only be finalised once the Value for Money (VFM) opinion was provided and Whole of Government Accounts (WGA) audit was completed and that a further report outlining the VFM and WGA final positions would be presented.

 

Supporting documents: