Issue - meetings

The Cabinet gave consideration to a report of the Director of Finance, which provided details of the 2017/18 approved audited Statement of Accounts and the External Auditor, Grant Thornton UK LLP, Audit Findings report.

It was reported that the draft 2017/18 Statement of Accounts was approved by the Audit Committee at its meeting on the 16^th July 2018.

The report highlighted:

·         The content of the External Auditors Audit Findings Report, which contained the unqualified opinion on the Statement of Accounts and positive value for money opinion.

·         The overall revenue outturn position for 2017/18 was a surplus of £0.150m before the final transfer to earmarked reserves to support the 2018/19 budget. This was a marginal increase on the forecast outturn position of a £0.146m favourable variance reported on the month 9 position. Following the transfer to earmarked reserves to support the 2018/19 budget the net General Fund movement was a decrease of £0.753m.

·         The Council spent £25.803m on its Capital Programme in 2017/18 compared to the forecast spending of £27.145m, which resulted in a variance of £1.342m between the forecast and actual position. This was mainly due to a re-profiling of the planned expenditure for a number of capital projects which would be moved into 2018/19 together with the associated financing.

·         Capital receipts in year totalled £11.363m against a financing requirement of £6.780m.

·         Schools balances at the year-end totalled £5.545m but were offset by the deficit on the Dedicated Schools Grant of £3.031m leaving a net reserve of £2.514m

·         The final Housing Revenue Account (HRA) balance was £20.162m

·         The speed of the preparation of the accounts

·         The performance of the Finance Team in closing the Council’s accounts and its focus on

·         continuous improvement of its processes.

It was noted that the Council received an objection to the 2016/17 Statement of Accounts which had not yet been resolved. Therefore although the External Auditor had given an opinion on the accounts from both financial years the formal review of the objection must conclude before the audit could be formally closed.

Options/Alternatives considered

No alternatives were presented other than Cabinet noted the final accounts and commended them to Council.

RESOLVED  that:

1.      The Council’s 2017/18 final accounts, the auditor’s report and the comments in that report be noted.

2.      The report be commended to Council.