Report of the Head of Financial Services (to follow).

Purpose: This sets out the audited Council’s Statement of Accounts for approval. The Letter of Representation is also attached.

Recommendations: that the Committee resolve to

1.    approve the audited Statement of Accounts and authorise the Head of Finance and Chair of the Committee to sign the Statement of Accounts; and

2.    approve the Letter of Representation to enable the opinion to be issued

The Committee considered the report of the Head of Financial Services setting out the Council’s final audited Statement of Accounts for the year ending 31 March 2015 and the Council’s letter of representation to the external auditors.

Nigel Kennedy circulated an amended table altering page 55 of the statement of accounts (capital adjustment account). This made no change to the councils overall financial position  but made a change to reflect the investment property income revaluation correctly, moving it from ‘charges for depreciation and impairment of non-current assets’ to ‘movements in the market value for investment properties debited or credited to the comprehensive income and expenditure statement’.

The Committee resolved to

1.    approve the audited Statement of Accounts and authorise the Head of Financial Servcies and Chair of the Committee to sign the Statement of Accounts; and

2.    approve the Letter of Representation to enable the opinion to be issued.

The Chair signed the Statement of Accounts and Letter of Representation

Report of the Head of Financial Services.

Purpose: to present the Council’s Statement of Accounts for the year ending 31 March 2015 to the Audit and Governance Committee (attached as a supplement to this agenda).

Recommendation: that the Committee note the contents of the Statement of Accounts certified by the Head of Financial Services (Section 151 Officer) prior to their submission to the external auditors.

The Committee considered the report of the Head of Financial Services setting out the Council’s Statement of Accounts for the year ending 31 March 2015.

Nigel Kennedy circulated a paper setting out the calculation of business rates income to the council and explained the risks to the medium term financial strategy from the unpredictability of appeals costs; a proposed reassessment of the rates in 2017; potential change to assessment for national companies in 2016; and the changes as a result of large developments. He highlighted other key points for the committee. He thanked the accounts team for their work in preparing the statement of accounts.

The Committee agreed to note the contents of the Statement of Accounts certified by the Head of Financial Services (Section 151 Officer) prior to their submission to the external auditors.

The Chair certified the Statement of Accounts at the meeting.