Decision details

The Cabinet gave consideration to a report of the Director of Finance which advised them of the recently approved 2018/19 audited Statement of Accounts and the External Auditor (Mazars LLP) Audit Completion Report (ACR) and Annual Audit Letter.

The report presented the Council’s audited Statement of Accounts for the financial year 2018/19, as considered by the Audit Committee on 25^th June 2019. Delegated authority was given to the Vice Chair of the Audit Committee and the Director of Finance to approve the accounts pending the resolution of two national pension-related issues. The accounts were subsequently approved on 10^th July 2019, with no changes to the Statement of Accounts that had been presented and accepted at the Audit Committee on 25 June 2019.

The report highlighted:

·     The content of the External Auditors Audit Completion Report and Annual Audit Letter containing the unqualified opinion on the Statement of Accounts and positive value for money opinion.

·     The overall revenue outturn position for 2018/19 was a surplus of £0.849m. This was an increase on the favourable variance of £0.255m projected at month 9 that was reported to Cabinet on 25 March 2019.

·     The year-end variances that were attributable to each Portfolio.

·     Schools balances at 31 March 2019 were £6.925m but were offset by the deficit on the Dedicated Schools Grant (DSG) of £2.723m leaving a net balance of £4.202m held within other earmarked reserves.

·     The final Housing Revenue Account (HRA) balance was £21.305m.

·     The balance on the Collection Fund was a surplus of £4.147m.

·     The small reduction in revenue account earmarked reserves of £2.108m to a level of £80.623m, an increase in other earmarked reserves to a level of £12.935m and an increase in balances to £14.840m reflective of the revenue outturn position.

·         Expenditure on the Council’s Capital Programme for 2018/19 was £48.564m which was a small increase on the month 9 forecast expenditure of £48.267m. The increase in expenditure required funding allocated to future years to be re-profiled to fully finance the Capital Programme in 2018/19.

·     Capital Receipts in year totalled £6.180m, which when taken with the brought forward balance, gave a total of £14.927m, which was used to finance the Capital Programme in year.

·     The significant items in each of the primary financial statements.

·     Changes to the draft Statement of Accounts.

·     The performance of the Finance Team in closing the accounts

Options/Alternatives considered:

No alternatives were presented other than that Cabinet noted the final accounts position for 2018/19, the Statement of Accounts, the Audit Completion Report and the Annual Audit Letter and commended the report and the Statement of Accounts to Council.

RESOLVED that:

1.     The Council’s final accounts position for 2018/19, the Statement of Accounts, the Audit Completion Report and Annual Audit Letter be noted.

2.     The report and Statement of Accounts be commended to Council.