Issue - meetings

Background:

This report provided details of the Council’s draft Statement of Accounts for 2011/2012. 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 £2.885 million which had enabled a contribution to the General Reserve of £2.268 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 (HRA) for 2011/2012 showed a surplus of £1.569 million. However, a revenue contribution to capital expenditure of  £2.889 million meant that the balance on the account fell from £6.156 million to £4.835 million.

The final capital expenditure for 2011/2012 was £75 million with £6 million slipping to future years.

It was noted that the draft Statement of Accounts would be considered by the Audit Committee later on 10 July 2012 for approval.

Reasons:

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