A Greater Manchester council overvalued its investment in the airport by almost £15 MILLION, it has been revealed. Bury town hall has wiped £14.8m from its balance sheet after the valuation error was discovered by auditors examining the authority's books.
Mazars said there was a 'risk that the assumptions and methodology used by experts are not appropriate'. The report added: "The council uses an external valuation expert to determine the value of its investment in Manchester Airport Holdings Ltd. As a result of audit questions, the council's external valuation expert revised their methodology and provided the council with a revised valuation report for 2021/22.