Issue - meetings

The Board considered a report of the Operational Director, Finance, which sought confirmation of the Council’s 2017/18 Statement of Accounts (the latest version of which was enclosed with the agenda) and the report of the Audit Findings of the External Auditor (Grant Thornton) on the 2017/18 financial statements. The report also sought approval of the Council’s Letter of Representation.

It was reported that the Statement of Accounts set out the Council’s financial performance for the year in terms of revenue and capital spending and also presented the year-end financial position as reflected in the balance sheet. The key elements were detailed in the report.

It was noted that in overall net terms, the Council reported an overspend of £1.026m on the 2017/18 revenue budget. Capital expenditure was £114.7m, which was 99.4% of the total capital programme allocation. It was further noted that School Balances at 31 March 2018 totalled £3.8m, with £0.4m of unspent schools related funding held centrally to be carried forward into 2018/19.

The External Auditor presented the Audit Findings report which summarised the findings from the 2017/18 external audit. Section 3 of the report also presented the external Auditor’s findings on the Value for Money (VFM) conclusion. It was noted that the Council had proper arrangements in all significant respects to ensure it delivered value for money in its use of resources.

          RESOLVED: That

1)    the draft Letter of Representation in Appendix 1 be approved and any subsequent additions or amendments be approved by the Operational Director, Finance, in liaison with the Chair of the Business Efficiency Board;

2)    the External Auditor’s draft 2017/18 Audit Findings Report in Appendix 2 be received and any subsequent additions or amendments be approved by the Operational Director, Finance, in liaison with the Chair of the Business Efficiency Board; and

3)    the Council’s draft 2017/18 Statement of Accounts in Appendix 3, be approved and any subsequent  additions or amendments be approved by the Operational Director, Finance, in liaison with the Chair of the Business Efficiency Board.