City of Wolverhampton Council has been backed for the way it manages public funds by independent auditors.

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.