Issue - meetings

To consider a Report of the Deputy Chief Executive (and Section 151 Officer)

The report provides an update on the 2022/23 Accounting Policies and 2021/22 Statement of Accounts Audit Update.

Audit Committee is requested to:

(i)            Note the report

(ii)          To approve the Council’s proposed Accounting Policies to be adopted in preparing the Council’s 2022/23 Annual Statement of Accounts.

Officer contact: Jonathan Davies Tel: 0161 218 1025 or Email: jonathan.davies@stockport.gov.uk

The Deputy Chief Executive (and Section 151 Officer) submitted a report (copies of which had been circulated) which provided an update on the 2022/23 Accounting Policies and 2021/22 Statement of Accounts Audit Update.

The following comments were made/issues raised:

·         In response to a Member question, the Committee was advised that it was likely that there would be material changes to the accounts as a result of the pension order. Therefore, the 2021/2022 accounts would have to come back to the Audit Committee for consideration.

·         Members asked what the policy was in relation to how long to wait before publishing the accounts?  In response, the Committee was advised that this was that this was subject to the Audit process.

·         A short discussion took place relating to what the position would be if there was a shortfall in the actuarial valuation of the main pension scheme.

·         The position for pensions for teachers and NHS workers was also considered.

·         Members asked what the consequences would be for the council if the accounts were not approved in the next 2 or 3 cycles.

RESOLVED -  (1) That the report be noted.

(2)That the Council’s proposed Accounting Policies to be adopted in preparing the Council’s 2022/23 Annual Statement of Accounts be approved.