Issue - meetings

(Report of the Acting Head of Corporate Finance)  To present the statutory Annual Governance Report of the Audit Commission which reports on their annual audit of the Council’s statutory accounts, Value for Money and other relevant information.

Councillor Khan declared a personal interest in this item by nature of him being a member of the Pension Fund, whose accounts were considered within the report.

The committee received this report to present the statutory Annual Governance Report of the Audit Commission, reporting on their annual audit of the Council’s statutory accounts, Value for Money and other relevant information.

Members noted that the final opinion and conclusion were due to be signed-off prior to 30^th September 2007.  Officers were thanked by officials from the Audit Commission for their positive attitude and constructive approach in the completion of their activities.

It was noted that there remained issues outstanding surrounding disclosure and accounting treatment, but Members were assured that these would not impact on the bottom line position of the audit.  The outstanding issues included a £3 million movement of pre-transfer ALMO liabilities, gains and disposals related to fixed assets and disclosure around related parties transactions and group accounts.  Both Officers and the commission stated they were confident that the issues would be resolved prior to the 30^th September deadline.

Members were advised that the outstanding objection to previous accounts listed in Paragraph 17 had very recently been resolved, enabling these to be closed.

Officers were advised that a Letter of Representation would be sent to the Council in line with the normal closure procedures, with a further update in the Annual Audit Letter.

RESOLVED:

1. That the committee note the contents of the report and verbal updates made at the meeting.

2. That delegated authority be given to the Acting Director of Finance, in consultation with the Chair of the Committee, to agree any final issues with the Audit Commission which arise after the report date, in order to ensure the sign-off of the accounts by the 30^th September 2007.