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Presentation of the 2018/19 Draft Accounts

Meeting: 30/05/2019 - Audit Committee (Item 49)

49 Presentation of the 2018/19 Draft Accounts pdf icon PDF 366 KB

The report TO FOLLOW presents the Council’s Statement of Accounts for 2018/19 for recommendation to external audit.

 

Appendix 1 [Draft Statement of Accounts 2018/19] will follow.

Due to the substantial size of this appendix, it will be circulated electronically. Would any Councillor who wants a hard copy of this appendix, please let the Democratic Services Manager know.

Additional documents:

Minutes:

The Committee had before it a report presenting the Council’s draft Statement of Accounts for 2018/19 for noting before it is signed off for submission to external audit.  Officers presented key elements of the financial statements to the Committee.

 

According to The Accounts and Audit (England) Regulations 2015, amended by Statutory Instrument 234, the Chief Financial Officer must, by the 31 May following the year end, sign and date the Statement of Accounts and confirm that they present a true and fair view of the financial position as at 31 March.

 

The fully audited accounts would then return to the 30 July 2019 meeting of the Committee to be approved and the Chair of the Audit Committee would be asked to sign them off.

 

Members were informed by officers that the Council had financial processes in place which were active throughout the year to allow the accounts to be finalised properly and promptly.  The Corporate Director had been provided regular updates to give them confidence in the year end processes and were able to recommend submission for external audit.

 

The Committee queried the levels of available funding and the transfers to reserves.  The Officer noted that some, such as those to the Business Rates and Housing Benefits reserves, were to cushion potential changes in fluctuation in Business Rate income and recovery of Housing Benefit overpayments. Also there was significant uncertainty around the potential financial impact of the national review of Business Rates, scheduled for 2020/21, and the transition from Housing Benefit to Universal Credit. These reserves were considered prudent whilst there was such uncertainty.  Some of the figures, such as Section 31 Grant from government to deal with in-year legislative changes, had also been more significant than usual.

 

RESOLVED that the draft Statement of Accounts for 2018/19 be noted and their submission to external audit be approved.