Social Value Ideas for West Lindsey District Council

External Audit Materiality Set at £1.2m

Audit materiality established at £1.2m for 2024-25, up from prior year (representing more confidence in entity risk factors and control environment following successful first year audit). Performance …

“So for this year's audit, our materiality is set at 1.2 million. The slight increase in materiality is due to second year of audit where we are more c…”

External Audit Strategy Approved for 2024-25

External audit strategy memorandum for 2024-25 approved unanimously by committee. Includes materiality assessment (£1.2m), value for money conclusion assessment (to be completed), significant risk are…

“I will give the recommendation which is to approve the external audit strategy memorandum plan for 24-25. I propose that from the chair.”

Section 151 Officer Permanent Appointment

Peter Davey appointed as permanent Section 151 Officer following acting interim appointment since 19 February 2025. Unanimously approved by Council.

“This report seeks to appoint Mr Peter Davie to the Council's statutory role of the section 151 officer. Mr. Davey has been appointed acting interim se…”

Reserve top-ups and LGR funding

The final budget outturn reported a £1.488m revenue underspend and proposed multiple reserve allocations, including £200k to the maintenance of facilities reserve, £370k for a new planning fee reserve…

“Against revenue budgets, we are reporting a net revenue underspend of 1 .488 million, which reflects strong budget control in the main, with one -off …”

2024-25 Draft Statement of Accounts

Improved balance sheet position of £50.9 million (up from £42.4 million in 2023-24, representing an £8.5 million improvement). General Fund Working Balance Reserve increased to £4.478 million (within …

“Items within the accounts to draw members attention to are the primary statements which show an improved balance sheet position of 50.9 million for 24…”

Medium-Term Financial Plan 2026-27 to 2030-31 - Balanced Budget Approved

The council approved a balanced budget for 2026-27 totaling £21.4 million with council tax increases of 2.97% for 2026-27 and 2.99% thereafter. The MTFP includes a capital programme of £12.164 million…

“The 26 -27 draught budget totals £21 .4 million and is fully funded and represents the balanced budget. Contributions to earmarked reserves total £2 .…”

Government Finance Settlement Shortfall

The council experienced a significant funding reduction between the provisional and final local government finance settlement announced in December 2025 and February 2026. Due to incorrect business ra…

“the council will get substantially less funding in the final settlement which was a similar situation for a significant number of district councils ar…”

Treasury gains exceeded budget

The annual treasury management report showed stronger-than-expected investment returns and contained information on borrowing and refinancing. Investments generated £767,000 in 2025-26, which was £269…

“The report presents the Council's annual Treasury Management Position for 2025 -26 and confirms progress against the strategy approved by Council in M…”

Treasury Management Strategy 2026-27

Treasury Management Strategy approved for 2026-27 incorporating borrowing strategy, annual investment strategy, MRP policy, and capital investment strategy. Strategy prepared against backdrop of econo…

“The borrowing strategy which ensures consideration is given to affordability and sustainability for the repayment of debt. The annual investment strat…”

Investment Portfolio Performance

Council's treasury investments are positioned in high-rated securities with portfolio achieving 3.96% return against 3.75% base rate. Investment position is 33% internally borrowed, maintaining signif…

“our investment portfolio is at the highest rating, so we are in very low risk investments and we are achieving above base rate for our current investm…”