GBC Announces On-time Publication of Accounts

Published on: 6 Jun, 2024
Updated on: 9 Jun, 2024

After what Guildford Borough Council describes as a “challenging” start to the last financial year, the council has announced that it has published its unaudited statement of accounts for 2023-2024.

See: R4GV Leader Gives Grim Warning in the Wake of GBC’s Latest Financial Settlement

The council continues to focus on financial management and is investing in building a permanent finance team with the necessary skills to sustain the progress made on our financial position.

In February, the council set a balanced budget for 2024-2025 with an achievable Medium Term Financial Plan (MTFP).

An extract form the GBC balance sheet. To view report click here.

Local Authorities are required to prepare their accounts in accordance with the Code of Practice on Local Authority Accounting in the United Kingdom.  The code defines proper accounting practice under the terms of the Local Government Act 2003.

In a statement the council says: “Newly appointed joint strategic director of Finance and Section 151 Officer, Richard Bates, has fulfilled the commitment to residents and councillors to publish these accounts on time.

“The publication of these accounts demonstrates that the council is improving its financial governance. Other steps taken to increase transparency and accountability include:

• publishing the 2024-2025 budget book online for public scrutiny
• uploading monthly financial monitoring reports to our website, showing where we predict our financial position at the end of the financial year.”

The council is now understood to have begun work on next year’s budget, which will reflect its forthcoming strategy which is expected to go to full council on July 23.

Richard Bates

Finance Director Richard Bates said: “I’d like to thank the finance team for their hard work and dedication to bring our finances back under control.

“We’re now doing the right things, at the right time and in the right way.

“We’ve come in within our budget because we budgeted properly and spent in line with our financial plan. We continue to rigorously monitor and manage our budgets.”

The Independent Auditor’s Report for councillors is expected to follow “in due course”.

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