Issue - meetings

To receive and consider the pre-audited overview of the Council’s Outturn and the draft Statement of Accounts for 2023/24.

The committee considered the report which provided a summary of the key financial activity and performance of the council for 2023-24. The full statement had been published on the council website and was open for public inspection for 30 working days, ending on 29 August 2024. The report detailed a net revenue outturn overspend of £8.5m against a revised budget of £356.2m and a capital outturn of £34.2m underspend.

Committee members referred to the variances between the 2022-23 and 2023-24 pension liability which had decreased from £84.3m to £13.7m and requested further detail in relation to this. Officers committed to providing a written response.

It was agreed that a detailed briefing would be arranged for the committee on the Statement of Accounts as the audit process progressed.

RESOLVED:

That the Audit and Governance Committee

1.    Note the summarised position of the accounts for year ended 31 March 2024.

2.    Note the dates in relation to the approval process for the Statement of Accounts.

3.    Note the overall financial performance of the Council in the 2023/24 financial year, as contained within the report, as follows:

a)    Net Revenue Overspend of £8.5m against a revised budget of £356.2m (2.4% variance) funded by drawdown from General Reserves.

b)    General Reserves closing balance of £5.6m.

c)    C) Capital Spending of £136.9m against an approved programme of £171.1m (18% variance).