The Board considered a report of the Operational Director, Finance, which sought approval for the Council’s 2014/15 Statement of Accounts (the latest version of which was enclosed on the Agenda), and the report of the Audit Findings Report of the External Auditor (Grant Thornton) on the 2014/15 financial statements. The report also sought approval of the Council’s Letter of Representation.
Members were informed that the audit of the 2014/15 Statement of Accounts had not been finalised and that any subsequent amendments would be approved by the Chairman of the Board in consultation with the Operational Director, Finance.
It was reported that the Statement for 2014/15 had been prepared in full compliance with International Financial Reporting Standards (IFRS) and as a result there had been relatively few changes in the format from last year.
The report set out key sections within the Statement and it was noted that in overall net terms the Council had underspent its 2014/15 revenue budget by £178,000. The overall outturn report was presented to Executive Board and departmental outturn reports were available on the Council’s Intranet. The Board was advised that as a result, the Council’s General Fund Balance would increase by £178,000 to £8,822,000.
With regard to capital expenditure, this was £32.2m compared with planned expenditure of £43.1m. This represented 75% delivery of the capital programme. The main areas of slippage were detailed in the report. It was further reported that School balances totalled £7.5m.
The External Auditor presented the Audit Findings Report which summarised the findings from the 2014/15 external audit.
The Board wished to place on record their thanks to the Operational Director, Finance and the Finance Team for their work in the preparation of the accounts and to Grant Thornton for their work on the audit.
1) the draft Letter of Representation in Appendix 1 be approved and any subsequent additions or amendments be approved by the Chairman of the Business Efficiency Board and the Operational Director, Finance;
2) the External Auditor’s draft 2014/15 Audit Findings Report be received and any subsequent additions or amendments be approved by the Chairman of the Business Efficiency Board in conjunction with the Operational Director, Finance; and
3) the Council’s draft 2014/15 Statement of Accounts be approved and any subsequent additions or amendments be approved by the Chairman of the Business Efficiency Board and the Operational Director, Finance.