Issue - meetings

Background:

This report provided details of the Council’s draft Statement of Accounts for 2010/2011. The Council was required under the Accounts and Audit Regulations 2003 (as amended) to produce an annual statement of accounts that is 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 reported that the final accounts showed a revenue surplus of £3.2 million and a reduced requirement from General Reserves of some £2.5 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 capital expenditure for 2010/2011 was £79.9 million compared to the 2009/2010 outturn of £63.40 million.

A revised page 4 of the Explanatory Foreword which provided correct figures in respect of borrowing/investment was tabled at the meeting.

It was noted that the draft Statement of Accounts would be considered by the Audit Committee later on 5 July 2011 for approval.

The Cabinet considered this as a matter of urgency to ensure Members were advised of the latest position, ahead of the submission of the audited accounts in September 2011. It was noted that the Statement of Accounts needed to be certified by the Chief Finance Officer by 30 June each year and that Barnett Waddingham, the Council's pension fund actuaries, had recently submitted a revised valuation of the pension fund resulting in a favourable movement of some £4 million. The principal financial statements and accompanying notes had been updated to reflect this change.

Reasons:

Good practice recommends that Members approve the statement of accounts as soon after 30 June as practicable.