Decision Maker: Audit Committee
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
The Committee considered these report that summarised the findings from the 2018/19 external audit of the Pension Fund financial statements. Members were informed that this was a positive report for the Council as the external auditors had indicated that the accounts have received an unqualified opinion.
The formal process of closing the Pension Fund’s 2018/19 accounts, the Chief Financial Officer is required to approve the draft statement of accounts by 31 July. The Service Manager – Investments provided an explanation of the practical impacts of the ‘McCloud judgement’ and the effects both positive and negative of the continuing devaluation of sterling. Members noted that at 31 March 2019 the overall value of the Fund stood at £2.2bn
There was a brief discussion regarding the administration of pensions benefits payable; the impact on the fund regarding redundancy and transfers of staff and the external auditors’ recommendation for journals to be authorised by a second person. Members further noted the action plan included in the report, and there was a discussion on the level of materiality figure as this had increased during the audit to reflect the overall value of the Pension Fund.
The Committee agreed, unanimously, to:
· Approve the audit accounts of the Pension Fund for 2018/19; and
· Approve the letter of representation on behalf of the Council.
Publication date: 15/08/2019
Date of decision: 30/07/2019
Decided at meeting: 30/07/2019 - Audit Committee