Agenda and minutes

The Chairman welcomed everyone to the meeting of the Audit Committee.

Apologies as detailed above.

Members and officers will disclose any pecuniary and any other significant interests they may have in relation to the matters under consideration.

None.

To approve as a correct record Minutes of the last meeting of the Audit Committee held on Tuesday 26 May 2015.

The minutes of the Audit Committee meeting held on Tuesday 26 May 2015, were confirmed as a correct record, subject to Councillor A Turner’s name being added to the Members present at that meeting.

Report of the Corporate Director of Resources.

Appendix 1 – Statement of Accounts for the year ended 31 March 2015

Appendix 2 (Table 1) – Capital Financing Report

Appendix 2 (Table 2) – Comparison of Capital Expenditure to Budget

Appendix 3a – Major Revenue Variances

Appendix 3b – Revenue Budget Savings – Slippage into Future Years

Appendix 4a – Reserves and Balances Statement

Appendix 4b – Transfers to and from Reserves

The Corporate Director of Resources presented the report and referred to the Appendices numbered 1 to 4b explaining their relevance and the Executive Summary included within the Statement of Accounts, as part of the Explanatory Foreword.

As in previous years, in order to assist with the interpretation of the report and to demonstrate robust Member scrutiny prior to approval, a set of Questions and Answers were provided to Members at the meeting, which highlighted key issues. (Those questions and answers are available on the following link).

http://www.wyre.gov.uk/downloads/file/2327/questions_and_answers_2014-15

Members raised questions and made comments at the appropriate time, as the Statement of Accounts was considered, supported by the questions and answers document.

The Corporate Director of Resources thanked the Finance Team and all officers across the Council, who had helped to produce the accounts, for their enthusiasm and commitment to the one team one Council ethos.

She added that the timescales were already fairly tight and over the next couple of years would become even more challenging, requiring the published accounts to be approved by 31 July.

RESOLVED

(1)  That the Accounting Policies selected and applied by the Council, as required by International Accounting Standard No. 8; Accounting Policies, Changes in Accounting Estimates and Errors, which were set out as Note 1 to the Financial Statement, be approved.

(2)  That following the robust member scrutiny and discussion, the Council’s Statement of Accounts 2014/15, be approved, subject to audit.

(3)That the major variations in expenditure and income, the proposed slippage and the resulting impact on the level of the Council’s reserves and balances at 31 March 2015, be noted.

Tuesday 22 September 2015 at 6pm, in Committee Room 2

RESOLVED that the next meeting of the Audit Committee is held onTuesday 22 September at 6pm in Committee Room 2.