An annual report into the council’s financial statements has again praised the
council’s strong historic financial performance and ability to deliver savings.
The report by auditors Grant Thornton also found that the council has
effective arrangements in place for delivering economy, efficiency and
effectiveness in services to local residents.
It reflects positively on the council’s financial governance, stating it was in a
strong financial position compared to other authorities and was well placed to
make strategic decisions to support the medium term financial strategy.
Councillor Jaspreet Jaspal, Chair of the Council’s Audit and Risk Committee
said: “This is a positive report which is important for transparency, giving
confidence to the people of Wolverhampton about how the council operates.
“It will also be reassuring for our residents to hear that we are in a good
position and well placed to tackle the challenges ahead.
“While we can be proud of our strong track record in managing our money, as
is the case with many councils, we have some challenging years ahead of
trying to strike the balance between delivering against our ambitious agenda
while managing increased demand and reducing resources.”
External auditors are required by law to deliver the annual report which was
taken to the Council’s Audit and Risk Committee Meeting this month.
The report references the council’s strong financial performance in 2022/23,
its ability to maintain General Fund Reserves while recognising strong budget
setting and control arrangements.
It identifies the council’s effective internal audit service states the council’s
approach ensures that resources are aligned to the needs and priorities of
local people.
The report also highlighted council compliance on governance matters
including its code of conduct, councillor training, reporting of governance and
ethical issues, transparency and meeting the requirements of the Charted
Institute of Public Finance and Accountability (CIPFA).
The Council’s proactive approach to partnership working and strong
partnership arrangements was also commended.