Issue - meetings

Report by the Chief Finance Officer

20.1     The Committee considered a report by the Chief Finance Officer together with additional information that had been circulated with proposed amendments to the Annual Governance Statement set out in the Statement of Accounts. The Chief Finance Officer informed the Committee that an additional section on illiquid investments including infrastructure and pooled investments was to be added to note 5 on page 178 of the agenda pack prior to publication of the Statement of Accounts.

20.2     The Committee RESOLVED

1)            note the Independent Auditor’s (GT) Report to those charged with governance on ESCC Accounts;

2)            authorise the Chief Finance Officer to sign the formal Letter of Representation to GT UK LLP; and

3)            approve the 2020/21 Statement of Accounts for publication subject to the amendments referred to above being incorporated.

Report by the Chief Finance Officer

11.1     The Committee considered a report by the Chief Finance Officer, and received a presentation from the external auditors, Grant Thornton of their draft Audit Findings Report, before it is considered by the Governance Committee.

11.2     The Committee discussed:

·         The Value for Money judgement has been uncoupled from the current audit opinion, and will be produced in line with the revised nationally set deadline of December.   It will be reported to the Audit Committee.

·         Minimum Revenue Provision – GT set out that their work with other authorities had identified MRP as being a topic worth focussing on.  The Chief Finance Officer provided an explanation of MRP and recirculated the MRP presented to the Committee on 20 September 2018 for guidance.

·         The impact of climate change on the valuations under consideration, and on the value for money judgement.  GT set out that Bruton Knowles were responsible for producing the figures, and that the authority’s approach to the climate change challenge would be assessed as one aspect of a wider judgement on value for money. 

·         The position of GT, as auditors of both the County Council and the East Sussex Pension Fund, providing assurance to itself.

·         Teachers’ pension return – the increased fee was agreed by the authority. 

11.3     The Committee RESOLVED to (1) note the report and its appendices; and

(2) confirm that there were no concerns arising from the Independent Auditor’s report or the management response to it that need to be brought to the attention of the Governance Committee. 

[Post-meeting Note: The Report, when considered by the Governance Committee on 30 September 2021, was subject to an amendment to the Annual Government Statement that was not available at the time of the Audit Committee.]