Issue - meetings

(Report of the Head of Finance – Accounting & Control)

This is the report that asks the committee to formally approve the Council’s accounts for 2006/07, in line with statutory deadlines. The report will also outline for members presentational changes to the accounts that we have had to implement this year and inform members of the next stages including the audit of accounts.

Councillor Stanton declared a personal interest in respect of this item, by nature of him being a member of the board of Homes for Haringey.

The committee received this report to set out the Council’s financial statements for approval.  The statements had been prepared with the aim of giving clear and concise information about the financial affairs of the Authority to Members of the Council, the public and other stakeholders.

Members agreed to accept a tabled version of this report, incorporating cosmetic corrections to figures.

Members noted the status of the accounts of the Alexandra Palace and Park Charitable Trust, included as they were as a separate appendix.  In response to enquiries over the outstanding Alexandra Palace debt, Officers stated that this was not present in the accounts as a result of permission being received from the then Office of the Deputy Prime Minister in 2004-5 to catalyse the outstanding debt, writing it out of the accounts.  However, it was noted that the right to collect the debt remained, should the opportunity arise.  This would then be counted as extraordinary income.  Members were assured that this did not materially effect the accounts being signed off, and were further assured that this was signed off as correct accounting practice in the previous municipal year.

Members enquired as to the statement of gains and losses contained within the accounts.  Officers stated that this provided a breakdown of how the Council’s balance sheet had moved from one year to the next.  The major movements this year included a re-evaluation of fixed assets and the value of the Pension Fund deficit, together with other relatively minor movements.

Member enquired into whether Schools were included in the Council’s accounts.  They were informed by Officers that individual School balances were under the control of each governing body, and were thus not available to the Council.

Members enquired as to why the Council was engaging in cut-backs when its reserves had seemingly increased.  Officers responded that the some of the differences were not ‘real’ cash differences, indicating that the table on page 51 of the report gave a better view of the current reserves picture.

RESOLVED:

1.  That the Statement of Accounts 2006/07 be approved as set out in the report.