Independent auditors have praised North Tyneside Council for the sound management of its budget in a report received by Full Council on 26 July.
The Audit Completion Report, produced by Mazars LLP, reviewed the council’s performance for the 2017/18 financial year including its accounts, pensions, property and risks.
Auditors gave North Tyneside Council an “unqualified opinion” thereby confirming its financial statements were a fair representation of the authority’s operations and financial position. The council also received an unqualified opinion of its approach to value for money, with auditors noting its approach to the efficient management of its financial resources.
Councillor Ray Glindon, Cabinet Member for Finance and Resources, said: “The Audit Completion Report confirms that North Tyneside Council has a robust and effective approach to managing our finances.
“I was pleased to see auditors recognise our efforts to deliver value for money for our residents. We are committed to making sure the council works better for local people and this independent report confirms that we are delivering on those promises.”
The council was recognised for its thorough and ongoing budget monitoring processes that ensure efficiencies are achieved throughout the year. In particular, auditors highlighted the council’s achievement in reducing a £7 million forecast overspend (based on the financial pressures of adult and children’s social care) at the beginning of the financial year to a £0.7 million underspend by the end of the year.
Auditors said the council continues to face financial pressures from reduced government funding, increasing demand and changing responsibilities. This follows the approval at Full Council in March 2018 of a £10 million package of savings to protect essential services across the borough, and savings of more than £109 million made over the last seven years. Successful projects to address these challenges, including reviewing services, introducing new ways of working and delivering a programme of efficiencies, were highlighted in the report.
The council will now progress with auditors’ recommendations to improve its financial management further and continue to roll out new systems and processes to enhance value for money for residents across the borough.