Issue - meetings

Report of the Chief Officer (Resources)

The Committee received the report of the Chief Officer (Resources) which sought Member approval for the 2016/17 audited accounts to allow the completion of financial reporting.

In accordance with the Accounts and Audit Regulations, the draft accounts had been produced by the 30^th June 2017 and certified by the Section 151 Officer on that date. They had been made available for public inspection and had been externally audited.

Members were advised that there was one misstatement in the accounts which required adjustment.

There were a small number of presentational adjustments required to the accounts. Subject to supporting documentation being completed and reviewed, an unqualified audit opinion was anticipated. An unqualified Value for Money (VFM) conclusion was also expected. It was reported that one formal objection to the accounts had been received and this was currently being considered by the External Auditor.

Chris Paisley, Audit Manager KPMG (UK), guided Members though the External Auditor’s formal report which was set out at Appendix A to the report, and reported on the key issues identified during the audit of the financial statements.

In due course, KPMG would finalise the audit and issue their opinion, subject to any outstanding objection, in time for the audited Accounts to be published by the 30^th September 2017.

Members asked a number of questions in relation to boundaries for the Local Adjustment Factor, the surplus on provision of services, VFM opportunities, fees, the level of variance and pension’s liabilities.  

Resolved:-

1)     That the report for 2016/17, issued by the City Council’s External Auditors be noted, together with the letter of representation to be signed by the Section 151 Officer.

2)     That the audited Statement of Accounts for the financial year ended 31^st March 2017 be approved and that the Accounts be signed and dated by the Chairman.