Issue - meetings

The Committee was informed that management were reviewing the preliminary draft statement of accounts, and officers were confident of achieving the statutory timetable for publication and approval.

The significant changes to the code of practice affecting the 2016/17 accounts were the amendment to service lines presented within the Comprehensive Income and Expenditure Statement, and the new Expenditure Funding Analysis.  Both of these changes aimed to provide a direct and accessible reconciliation between the way local authorities were funded and prepared their budget to the financial information reported within the Statement of Accounts. 

In addition to the change brought by the Code, the 2016/17 accounts would include Group Accounts due to the need to incorporate the Council’s interest in Mercury Land Holdings Ltd.

In accordance with the Accounts and Audit (England) Regulations 2011. The Completed accounts would need to be approved and signed by the Chief Financial Officer no later than 30 June 2017.

The draft accounts would then be subject to audit by the Council’s external auditors Ernst & Young. Following the conclusion of the audit, the accounts must be approved by the Audit Committee and published no later than 30 September 2017.

The Committee were advised that Nigel Foster who had been involved with the preparation of the Accounts for the best part of 10 years would be leaving the Council by the end of June.

The Committee:

1.    Noted the report; and

2.    Placed on record their appreciation of the work undertaken by Nigel over the last 10 years.