Agenda and minutes

To sign as a correct record the minutes of the meeting held on 7 June 2018.

The minutes of the meeting held on 7 June 2018 were signed as a correct record.

Councillors/Staff to give notice of any disclosable pecuniary interest, other registrable interest or any other interest and the nature of that interest relating to any item on the agenda in accordance with the adopted Code of Conduct.

None declared.

To answer questions from members of the public – submitted in writing or by electronic mail no later than 5.00 pm, 2 working days before the meeting.

None received.

The Financial Services Manager submitted a report which sought to inform Members of the performance of the council’s treasury management activities during 2017/18, the effects of treasury management decisions and transactions executed in the past year and of compliance with its Treasury Management Policy.

The report summarised the following:

·  The economy and interest rates

·  Overall treasury position at 31 March 2018

·  The strategy for 2017/18

·  Borrowing requirement

·  Borrowing rates

·  Borrowing activity during 2017/18

·  Investment rates

·  Investment outturn for 2017/18

·  Prudential and Treasury Indicators

·  Other matters arising during 2017/18

Members noted the contents of the report.

Recommended

That Council be requested to agree that the contents of the report be noted.

The Head of Governance and Monitoring Officer submitted a report which set out the Council’s Annual Governance Statement for 2017/18, which was required to meet the requirements of the Accounts and Audit Regulations 2015.

There were no significant governance issues identified in the Annual Governance Statement 2017/18.

Members approved the Annual Governance Statement 2017/18.

Resolved

That the Annual Governance Statement 2017/18 be approved.

In accordance with the Accounts and Audit Regulations 2015, the Head of Financial Services submitted the Council’s 2017/18 Statement of Accounts for the Audit Committee’s consideration and approval.

The Statement of Accounts summarised the Council’s financial performance, financial position and cash flows for the financial year from 1 April 2017 to 31 March 2018.

The Group Accounts consolidated the financial statements of the Authority and its material interests in subsidiaries, associates and joint ventures.

The Financial Services Manager provided members with a presentation on the Statement of Accounts designed to support the Committee’s consideration of the statements. The presentation included:

·  an overview of the content of the narrative report

·  an outline of the changes made to accounting policies and the major judgements made in applying accounting policies.

·  addressing a series of challenge questions for each of core financial statements (comprehensive income and expenses statement, movement in reserves statement, balance sheet and cash flow statement) and supplementary statements (collection fund and group accounts), including providing explanations for significant year on year changes in the amounts reported in each of the core and supplementary financial statements.

·  confirming the consistency of the statement of accounts with other financial information presented to members.

·  explaining the changes made to the unaudited Statements of Accounts since their publication.

The Chair of the Audit Committee signed and dated the statement.

Resolved

That:

1. The Statement of Accounts 2017/18 be approved.
2. The Statement of Accounts 2017/18 be signed by the Chair of the Audit Committee.
3. Upon receipt of the signed audit opinion, the final Statement of Accounts 2017/18 be published by the statutory deadline of 31 July 2018.

Grant Thornton submitted a findings report highlighting the key matters arising from the audit of the Council’s financial statements for the year ended 31 March 2018.

J Farrar, Grant Thornton presented Members with a summary of the report.

Members noted the report.

Agreed

That the contents of the report be noted.

The Head of Financial Services presented to members the Letter of Representation, made in connection with the audit of the council’s 2017/18 Statement of Accounts.

Members approved the Letter of Representation.

The Audit Committee thanked the Financial Services team for their hard work.

Resolved

That:

a)  The Letter of Representation 2017/18 be approved.

b)  The Letter of Representation 2017/18 be signed by the s151 Officer on behalf of the Council.