Issue - meetings

The Executive Member for Finance submitted a report setting out the background to the requirement for Members to consider and approve the Council’s 2012/13 Statement of Accounts and detailed changes to the reporting requirements from 2011/12, which was set out in the report now submitted and Essential Reference Papers. 

The Head of Finance and Performance reminded Members that they had had an opportunity of reviewing the statement of accounts in July 2013 and had made a number of helpful comments regarding the presentation of the accounts which had subsequently been taken on board.  The accounts before Members were now being submitted for approval following the positive comments from the External Auditor. 

Councillor M Pope drew attention to the “gain/loss” narrative and queried whether the line needed to be included.  The Head of Finance and Performance indicated that the future presentation would be reviewed.  In response to a further query regarding provisions and contingent liabilities, the Head of Finance and Performance explained that the context of provisions that  had been made in the 2012/13 accounts.

In response to a query from Councillor R Sharma regarding investment bank ratings, the Head of Finance and Performance summarised the approach to the treasury management strategy and the institutions used.

The Committee approved the Statement of Accounts for the financial year 2012/13 and that these be signed by the Chairman at the conclusion of the meeting.  Members also agreed that the Letter of Representation be signed by the Chairman and Director of Finance and Support Services.

RESOLVED – that (A) the Statement of Accounts for the financial year 2012/13 be approved and that these be signed by the Chairman of Audit Committee at the conclusion of the meeting; and

(B)      the Letter of Representation be signed by the Chairman and Director of Finance and Support Services.