Decision Maker: Audit and Governance Committee
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
The Committee recalled that the Council had a statutory duty to publish its annual audited accounts. The accounts had to be signed by the Chief Finance Officer and had to be approved by the appropriate committee of the Council: this Committee had been delegated authority for that purpose. The draft accounts had been circulated as a separate document, after the agenda's publication.
The Chief Accountant introduced the accounts and highlighted the various sections. The format of the accounts had been standardised in accordance with the Chartered Institute of Public Finance and Accountancy (CIPFA) Accounting Code of Practice.
It was noted that the income to the net cost of services on page 12 was subject to discussion with the Audit Commission on account of a prior year understatement of Housing Benefit debtors resulting in increased income in 2007/08. Members noted that an adjustment might have to be made to the final audited accounts. On page 17, the General Publicity figure for 2006/07 was amended to read £85,276. Page 42 onwards contained space for the Audit Commission's commentary. It was noted that the Audit Commission would carry out an on-site audit of the approved accounts in order to provide an opinion on their accuracy and completeness. This could result in amendments, which would be reported at the Committee's September meeting.
In answer to a question from a Member, it was reported that there had been an income reduction from business rates due to several revaluations of business premises. It was noted that the Council's property portfolio was re-valued through a rolling five year programme.
The Committee was satisfied that the accounts were accurate and complete, subject to the amended figure above.
(a) that the Statement of Accounts 2007/08 be approved, subject to the figure for General Publicity in 2006/07 being amended to read £85,276, and subject to subsequent amendments being agreed with the external auditor; and
(b) that the Chair of the Committee be requested to sign and date the Statement of Accounts.
Publication date: 03/07/2008
Date of decision: 30/06/2008
Decided at meeting: 30/06/2008 - Audit and Governance Committee