External Audit Confirms Sound Financial Management at South Tyneside Council

External Audit Confirms Sound Financial Management at South Tyneside Council

The most current unbiased external audit report for South Tyneside Council confirms that the organisation has right arrangements in area to secure economic climate, effectiveness, and success in its use of means.

The Council’s audit committee will be offered with the 2020/21 exterior once-a-year audit letter at their next meeting, on Monday 6 March 2023. This is the most new exterior audit report and is in accordance with the usual audit approach.

The independent exterior audit report did not determine any pitfalls of major weaknesses in the Council’s Worth For Dollars (VFM) arrangements. It confirmed that the Council has approved and adopted a Structure, which is steady with the concepts of the Chartered Institute of Public Finance and Accountancy (CIPFA)

Cllr Joanne Bell, Guide Member for Governance, Finance and Company Providers at South Tyneside Council stated: “This is the most recent annual audit letter that has been posted. The Council has a observe report of reaching its spending budget and attaining cost savings and our unbiased external auditors have highlighted that.

“The statement accepts that historically the Council has continuously achieved underspends thanks to tight and prudent fiscal planning preparations.”

Through the Council’s Medium-Expression Money System, the Council adopts a possibility-dependent method which appears to be at equally internal and external components that could impression on assistance shipping. Aligning invest to strategic and statutory priorities, these challenges are managed on a constant rolling basis.

The auditors observed the tough economical pressures for Neighborhood Authorities and that people are unlikely to simplicity in the a long time ahead. There is a will need for the Council to have correct arrangements in put to manage its resources and provide companies. The simple fact that the Council are proactively monitoring and amending the price range wherever considered needed demonstrates that their arrangements are adequate sufficient to address the monetary pressures experienced.

When environment the fiscal strategy, the Council identifies likely pressures and can take a prudent and forward-seeking stance from which it can then make choices to accomplish sustainable finances supportive of the provision of services. The Council also understands the importance of operating in partnership to obtain its objectives

While central authorities furnished the Council with sizeable amounts of funding all through 2020/21 to support the added fees connected with the Covid-19 pandemic, the Govt also set an expectation that councils must raise council tax and the adult social care precept by the greatest sum obtainable to go over the economic hole.