Issue - meetings

REPORT OF THE SERVICE DIRECTOR – RESOURCES

To consider the Statement of Accounts 2017/18.

This report to be tabled.

The Service Director - Resources presented the report in respect of the Statement of Accounts 2017/18. 

The report was tabled due to the delay in Ernst & Young completing the audit, it had, therefore not been possible to finalise the report until that day. There were no substantial changes from the draft version of the accounts available on the website. 

There was a lengthy discussion around a mistake identified in the accounts, where two lines in one of the notes were the wrong way round.  It was agreed that the Committee would be content to approve once that adjustment had been made.

The Service Director - Resources presented the report in respect of the Statement of Accounts 2017/18. 

The report was tabled due to the delay in Ernst & Young completing the audit, it had, therefore not been possible to finalise the report until that day. There were no substantial changes from the draft version of the accounts available on the website. 

Discussion would focus on the minor changes from the draft version.

The Service Director - Resources explained the requirement to produce the accounts by 31 May 2018.  There was then a period during which, the public could ask questions and view associated documents.  There had been no such requests.

The statement of accounts required to be reviewed and approved by the Authority’s statutory body, that being, this committee.

The Letter of Representation forms part of the approval of accounts, the Service Director - Resources and Chairman would then sign the letter and statement of accounts, if approved.

The Service Director - Resources referred to the changes to accounts from the draft, the only material change was to pension fund assets, being that there was always a balance between closing the accounts early and making use of estimates.  New information meant adjustments were required.  The new deadlines have been challenging.  Some balances in the draft were incorrect in places but had been corrected.  All changes had been highlighted to Ernst & Young and been approved by them. 

The Committee was being asked to approve the Statement of Accounts as tabled.

The Chairman congratulated both teams on the unqualified accounts and meeting shorter deadlines.  Members recognised that this was a tough task. 

There was a lengthy discussion around a mistake identified in the accounts, where two lines in one of the notes were the wrong way round.  It was agreed that the Committee would be content to approve once that adjustment had been made.