Issue - meetings

The Executive Member for Resources and Internal Support submitted a report, following changes to the new Accounts and Audit Regulations.  The Director of Internal Services referred to the new IFRS standards and delegation to Audit Committee, to approve the Annual Statement of Accounts.  He explained the transitional effects of the IFRS on the Council’s accounts in terms of building in resilience.

The Director of Internal Services encouraged Members to question and seek clarification whenever they felt necessary so that answers could be provided in a clear and transparent manner.  The Head of Financial Support Services guided Members through the content of the Accounts, attached to the report now submitted.

Members discussed a number of issues in relation to the new arrangements and the effects on Council Tax, asset values, the pension fund and the Council’s liability.  Members queried repaying debt at higher rates of interest when it had a healthy level of reserves.  This was explained.  Clarification was provided in relation to the Council’s approach to depreciation generally and specifically in relation to the use of refuse vehicles.  

The Chairman encouraged Members to contact either the Director of Internal Services or the Head of Financial Support Services on any issue which needed clarification and in advance of the final accounts being submitted to Audit Committee on 21 September, 2011.  He thanked Officers for their detailed explanation of the Council’s accounts.

Members received the report and noted the new requirements.

RESOLVED – that the production and authorisation by the Section 151 Officer of the Council’s 2010/11 draft accounts in line with statutory requirements, be noted.