Agenda item

Report No: PAS/SE/17/023

The Committee received Report No: PAS/SE/17/023, which sought members approval of the 2016-2017 Statement of Accounts, attached as Appendix A, in accordance with powers delegated to it under the Council’s Constitution.  Also attached at Appendix B, was a detailed schedule of payments made to Councillors during the financial year 2016-2017.

EY had commenced the audit of the Council’s draft Statement of Accounts in August 2017, with a view to its completion prior to the 30 September 2017 deadline for publication.  The results of EY’s review of the accounts were provided in the Annual Results Report, which was included on the Committee’s agenda (PAS/SE/17/020).  The attached Statement of Accounts (Appendix A) had been amended as appropriate, to take on board issues raised by the audit process up to the date of distribution.

EY had confirmed that the audit of St Edmundsbury Borough Council had been concluded and would be issuing an unqualified opinion on the financial statements and the value for money conclusion that the Council had made the appropriate arrangements to secure economy, efficiency and effectiveness in the Council’s use of resources this afternoon (20 September 2017).  This meant the Committee was in a position to sign the 2016-2017 Statement of Accounts off.

The Assistant Director (Resources and Performance) informed the Committee that from April 2017 the Accounts and Audit Regulations had changed requiring the Council to submit draft accounts to its external auditors by 31 May each year, with member scrutiny and approval of the Accounts required once the audit had been concluded by 31 July each year.  Therefore, this change will affect the 2017-2018 Statement of Accounts. 

She then drew the Committee’s attention to a couple of key areas set out in Appendix A:

1)   Page 3 – Material items:  There had been a change in the valuation of the Bury Leisure Centre and Moreton Hall Community Centre by the District Value, which had resulted in a net revaluation gain. 

2)   There had been no change to the general fund budget since it was reported to the Committee on 27 July 2017.

3)   Page 15 – Balance sheet: Long term liabilities movement related primarily to pensions

Finally, she wished to thank the Finance Team for all their work involved in pulling the accounts together and also thanked EY.

The Committee scrutinised the draft accounts and members payments in detail and asked a number of questions to which officers duly responded.  In particular, the Committee raised questions to which responses were given as follows:

1)   Pensions:  The continual impact of the economy had impacted on pensions.  Two reasons for the impact was the increase in life expectancy and the decrease in the Government’s Bond deal.

2)   Valuations: The Council’s assets were valued over a five year period, which was a rolling programme. 

3)   Verse: Set up as a commercial company of which the Council was a shareholder.

4)   Members Mileage: The Council had seen an overall reduction in mileage claimed. 

The Committee wished to convey its thanks and commended the Assistant Director (Resources and Performance) and her team in the work involved in closing the accounts.

Councillor Andrew Smith moved the recommendation, this was duly seconded by Councillor Barry Robbins and with the vote being unanimous, it was:

          RESOLVED: That

1)   The 2016-2017 Statement of Accounts, attached as Appendix A to Report No: PAS/SE/17/023 be approved in accordance with the powers delegated to it under the Council’s Constitution.

2)   The Chairman of the Performance and Audit Scrutiny Committee signs the certification of the 2016-2017 Statement of Accounts on behalf of the Committee.

3)   The Chief Finance Officer, in consultation with the Portfolio Holder for Resources and Performance, be given delegated authority to make any presentational and non-material changes that may be required up to the date of publication.