Issue - decisions

The committee received a report from the Accountant (Projects and Publications) regarding the statement of accounts 2013/14.

The committee received a report from the Director of Ernst & Young regarding the external audit conclusions.

In response to members’ questions the Accountant (Projects and Publications) said the following:

i.                 The following changes since the draft accounts presented to the committee in June have an impact on the Council’s usable reserves:

-        £186,000 decrease in General Fund reserves as a result of an adjustment to the carrying value of the Council’s LBI deposit.

-        a net £30,000 increase in General Fund earmarked reserves resulting from a £198,000 increase in safety net grant in respect of business rates retention and a £168,000 decrease reflecting an adjustment in respect of new car park equipment.

ii.     The business rates retention adjustment is a timing difference reflecting that whilst the council recognises the safety net payment in 2013/14, the deficit it is funding is recovered from the General Fund in future years. The car park equipment adjustment reflects expenditure which would otherwise have been recognised in 2014/15.

In response to members’ questions the Chief Executive said the following:

       i.          Despite changes to process and the management of the service the Finance Team had ensured a successful audit with no risks identified.

     ii.          Further improvements to financial processes would be progressed by the new Head of Finance in due course.

   iii.          Interim shared services with South Cambs District Council had assisted with the process and would help ensure resilience going forward. 

The committee specifically thanked the Accountant (Projects and Publications) and welcomed the audit results.

Resolved (unanimously) to:

       i.          Receive the audit findings presented by Ernst & Young.

     ii.          Approve the Statement of Accounts for the year ending 31 March 2014.

   iii.          Authorise the Chair to sign the Letter of Representation and audited Statement of Accounts for the financial year ending 31 March 2014 on behalf of the Council.