Issue - meetings

The Committee received a report from the Deputy Head of Finance regarding the Statement of Accounts 2021-22 Accounting Policies and Significant Areas of Judgement.

The Committee made the following comments in response to the report:

      i.          Noted the tight deadline to provide a draft Statement of Accounts by 31 May and hoped that the Council would be able to meet this deadline. Asked what the implications would be if the Council could not meet this deadline. Asked what steps the Council was taking to mitigate any impact on the general fund as a result of the consultation on changes to the Minimum Revenue Provision (MRP).

     ii.          Asked if Officers required any feedback from Councillors on the Statement of Account process. Did not believe that members of the public would look at or fully understand the Statement of Accounts. Asked for a summary table in the Statement of Accounts.

The Deputy Head of Finance and Head of Finance said the following in response to Members’ questions:

      i.          It would be a challenge to meet the 31 May Statement of Accounts deadline, but officers would make every effort to meet the deadline.

     ii.          Concerns around the consultation on changes to the Minimum Revenue Provision (MRP) centred around the potential impact on capital loans and the knock-on effect of this on the Council’s Corporate Objectives and the Housing Development Agency and development involving Cambridge Investment Partnership. The consultation on MRP ended on the 8 February 2022 and a response would be submitted on behalf of the Council. There was some discussion that capital loans may be exempt, but we would have to wait and see.

   iii.          Commented that the Statement of Accounts had to comply with requirements set out in legislation but if officers could make the accounts more accessible and understandable then they would do so. 

Unanimously resolved:

i.                To note that there are no significant changes to accounting policy anticipated for the 2021-22 Statement of Accounts.

ii.               To note and approve the proposed critical judgements and major sources of estimation uncertainty in respect of the 2021-22 Statement of Accounts.

iii.             To note and approve proposals to improve the presentation of the Statement of Accounts, in line with latest CIPFA guidance.

iv.             To note the request for informal feedback from Civic Affairs Committee members on the current format of the Statement of Accounts, and suggestions for improvement.