Agenda and minutes

To receive any declaration of interest by any member or officer in respect of any item of business.

No declaration of interest was received.

To present the minutes of the previous meeting of the Audit and Governance Committee held on 26 May, 2016.

The minutes of the previous meeting of the Audit and Governance Committee held on 26 May, 2016 were presented and confirmed as correct.

To present the draft Statement of Accounts for 2015/16 and the draft Annual Governance Statement 2015/16.

The report of the Head of Function (Resources) and Section 151 Officer incorporating the draft pre-audit Statement of Accounts for the 2015/16 financial year along with the draft Annual Governance Statement 2015/16 was presented for the Committee’s consideration.

The Head of Function (Resources) and Section 151 Officer reported that the Council has a statutory duty to approve and publish a Statement of Accounts for each financial year. Before External Audit can commence, the Section 151 Officer is required to sign the Statement of Responsibilities for the Statement of Accounts prior to the statutory deadline of 30th June each year. Under the Council’s Constitution, the responsibility for reviewing and scrutinising the statement of accounts prior to its adoption by the Council, falls to the Audit and Governance Committee. The Statement is a technical document which is produced in accordance with accounting regulations and proper practices in a prescribed format and it contains the financial statements and disclosures which the Council is required to publish.

The Officer referred to the key statements within the document as follows:

•           The Narrative report which sets out the narrative context to the financial statements, provides a guide to the most significant matters reported in the accounts including the Council’s financial position and its performance during the year along with the issues and risks affecting the Council.

•           The Movement in Reserves Statement (MIRS) shows the movement in the year of reserves held by the Council analysed between usable and unusable reserves. The statement shows the true economic cost of providing the Authority’s services and how those costs are funded from the various reserves.

•           The Comprehensive Income and Expenditure Statement (CIES) shows the accounting cost in the year of providing services in accordance with generally accepted accounting practices, rather than the amount to be funded from taxation.

•           The Balance Sheet shows the value as at the Balance Sheet date of the assets and liabilities recognised by the Authority. The net assets are matched by reserves held by the Authority.

•           The Cash Flow Statement shows the changes in cash and cash equivalents of the Council during the reporting period.

•           The Notes to the core Financial Statements provide more details about the Council’s accounting policies and items contained within the statements. The Officer confirmed that there are no material changes to accounting treatment required for 2015/16.

•           Included with the Statement of Accounts is the Annual Governance Statement for 2015/16 which sets out the governance arrangements in place for the year from April, 2015 to March, 2016 and assesses how effectively the Council has fulfilled its responsibilities in line with its vision.

The Portfolio Member for Finance said that he was satisfied with the presentation of the accounts and with the professional way in which they had been closed in keeping with the statutory timescale.

The Committee considered the report and Financial Statements and it noted the following:

•           The Committee noted and was satisfied that the Statement of Accounts has been produced in  ...  view the full minutes text for item 3.