Meeting documents

To consider the attached report.

Contact Officer:  Nuala Donnelly (01296) 585164

The Accounts and Audit Regulations state that Members should only approve the accounts when they have been made aware of the findings of the audit and hence were able to make a better informed decision.

Following on from the report on the draft accounts to the June meeting, Members received a report updating them on the audit process and the changes made to the accounts in accordance with the external auditor’s recommendations. The auditors’ comments and findings from their work on the 2017/18 accounts had already been reported to Members earlier in the meeting.

Subject to being satisfied with the revised accounts and that the auditor’s comments had been correctly responded to, the Committee was required to authorise the Chairman to sign them on the Audit Committee’s behalf, together with the Director with responsibility for Finance, in order to comply with the 31 July statutory deadline. However, it was requested that the Committee delegate to the Director with responsibility for Finance, in consultation with the Chairman or Vice Chairman, the ability to make such changes to the accounts that are considered necessary in order to achieve the statutory deadline.

A number of adjustments had been made to the core statements presented in the draft accounts and these had been amended in the Statement of Accounts submitted to the meeting.  The adjustments had no overall impact on the financial outturn for the financial year, and were as follows:-

·                    Change in debtor position relating to grant amount of £617,000, adjusted to reflect the correct financial year, but deferred to the business rate reserve.

·                    A further change on depreciation relating to the current year and the write back of depreciation on buildings elements of some car parks of £104,000.

·                    NHS debtor reclassification of £187,000 from "other entities and individuals" to "NHS debtors".

·                    Two minor updates to the cash flow statement (i.e. internal consistency in interest payable in Note 28.3 and line swapping in Note 30).

·                    Change in Note 33 carparks surplus to amend an inconsistency in reporting.

There was one unadjusted error which related to a pension revaluation matter, out of the control of the Council, that had become known after 31 March 2018.

Members sought additional information and were informed:-

(i)            that the Vale Commerce accounts for the current year were being prepared for submission to Companies House.

(Note:  add to Action Tracker)

(ii)           that details of companies owned by the Council had been incorporated into the Group Accounts.

(iii)          that a review of governance arrangements for Aylesbury Vale Estates had been included in the Internal Audit Plan 2018/19, as approved by the Committee in June 2018.

Having considered the final Statement of Accounts for 2017/18, it was –

RESOLVED –

(1)          That Finance staff be thanked for their work in preparing and auditing the financial statements for 2017-18, particularly as the timetable this year required all work to be completed and agreed by the earlier deadline of 31 July.

(2)          That the final outturn position of the Council’s Statement of Accounts 2017/18 be noted.

(3)          That approval be given to the Chairman of the Audit Committee to sign off the Statement of Accounts for 2017/18 on the Committee’s behalf.

(4)          That approval be given to the Director with responsibility for Finance, in consultation with the Chairman or Vice Chairman of the Audit Committee, to make such changes as considered necessary to achieve sign off by the statutory 31 July deadline.