The report described an outstanding issue with the calculation of and accounting for Minimum Revenue Provision (MRP) for the period 2007/08 to 2011/12 and from 2017/18 onward. It also outlined the plan to resolve the matter with the involvement of the Council’s external auditors, EY, and treasury advisors, Link Group.

Following discussion Cllr Kendall MOVED and Cllr Lewis SECONDED the recommendations in the report. Members voted UNANIMOUSLY and it was resolved:

That the Committee notes this report.

REASONS FOR RECOMMENDATIONS

The outcome of the resolution of this technical matter could lead to a retrospective charge to the accounts of £0.640m and an ongoing increase in the MRP of £0.085m. This will be reflected in the 2021/22 final accounts, once audited.