Issue - meetings

The Executive Member for Resources and Internal Support submitted a report setting out the background to the requirements for Members to consider and approve the Statement of Accounts.  The report also set out the key changes arising from the move to International Financial Reporting Standards (IFRS).

The Director of Internal Services reminded the Committee that the draft report had been submitted to Members in July 2011 for comment and that a number of changes had been made.  He stated that the current format was more informative than that previously used.

The Chairman referred to the overall reduction of nearly £20m in pension liabilities.  The Director of Internal Services stated that actuarial advice had been followed in this regard.  It was noted that Hertfordshire County Council would not be increasing its pension contributions for a three year period. 

Clarification was sought and provided in relation to where capital receipts were being generated.

Clarification was sought and provided in relation to the Hertford Theatre Impairment charge.  The Executive Member for Resources and Internal Support referred to the Council’s aim to make the Theatre more viable and to stop the leakage of revenue.

Members received the Council’s Statement of Accounts and agreed that they be signed by the Chairman.

RESOLVED – that the Council’s Statement of Accounts for the financial year 2010/11 be approved and signed by the Chairman at the conclusion of the meeting.