Report of the Treasurer

Contact: James Walton

That the finalised Statement of Accounts 2023/24 be signed by the Chairman and the Treasurer be approved.

That the Annual Governance Statement 2023/24 be approved.

The Treasurer, James Walton presented the report which outlined the Statement of Accounts 2023/24 and the Annual Governance Statement 2023/24 and explained the historical context of the pension liability, which originated from the sale of West Mercia Energy. He detailed the transition of the pension liability from West Mercia Energy to the Joint Committee and the rationale behind this decision.

Councillor Ross joined the meeting at this point.

In response to a query, the Treasurer explained that the pension liability had been decreasing over time due to factors such as investment returns and stock market fluctuations and added that if the pension fund continued to perform well, the liability could be cleared in less than the anticipated 20 years, although an incident such as a stock market crash could significantly impact the fund's status, potentially resetting the deficit to its original amount.

RESOLVED:

1. That the finalised Statement of Accounts 2023/24 be approved and signed by the Chairman and the Treasurer.

2.  That the Annual Governance Statement 2023/24 be approved.