Issue - meetings

Appendix 1 is set out in Supplementary Agenda No.2 

Background:

This report provided details of the Council’s draft Statement of Accounts for 2013/2014, as set out in Supplementary Agenda No.2. Copies of a number of revised ‘Notes to the Principal Financial Statements’ and ‘Supplementary Financial Statements’ were tabled at the meeting.

The Council was required under the Accounts and Audit Regulations 2003 (as amended) to produce an annual statement of accounts that was subject to scrutiny by the external auditors.  The auditor would subsequently give an opinion on the accounts, and additionally interested parties would have the right to inspect the accounts and make representations to the auditor.

It was noted that the draft accounts were required to be certified by the responsible finance officer by 30 June 2014. Due however to complications presented by the change in accounting requirements for the Collection Funds (in respect of the Business Rates Retention Scheme) the certification by the Chief Finance Officer had not been possible until 4 July 2014.

It was reported that the revenue account showed a revenue surplus of £0.267 million. It was noted that the final position was a significant achievement and a reflection both of the successful efforts to maintain services at minimum cost and the robustness of the budgets that were originally set.

The final Housing Revenue Account for 2013/2014 showed a surplus of £1.258 million against a budgeted surplus of £1.059 million. However, a revenue contribution to capital expenditure of £1.664 million and an agreed contribution of £2 million meant that the balance on the account had been reduced to £1.969 million.

The final capital expenditure for 2013/2014 was £45.2 million with £5.8 million slipping to future years.

It was noted that the Audit Committee would consider the draft Statement of Accounts on 17 July 2014.

Reasons:

Good practice recommended that Members approve the Statement of Accounts as soon after 30 June as practicable.