Decision details

A report was presented on a summary of the process of preparation and the main points of the Statement of Accounts for 2015/16; the Statement itself was attached as Appendix 'A'.

Regulations governing the process and delegated authority from the County Council required the Chair of the Committee to sign off the accounts once approved by the Committee.

The Statement of Accounts had been prepared in accordance with the Accounting Code of Practice issued by the Chartered Institute of Public Finance and Accountancy (CIPFA). The style and format of the accounts complied with CIFPA standards however, the content had been reviewed and refreshed to make the accounts easier to understand.

A number of accounting adjustments agreed with the external auditor and shown in their Audit Findings report at Item 10 of the agenda were reflected within the statement.

The Committee was taken through the main components and key issues of the statement including the movement in reserves and comprehensive income and expenditure statements, balance sheet and cash flow statement.

In response to queries raised by the Members, the officers agreed to expand the management structure in the 'Narrative' to the report and update the list of acronyms in the 'Glossary' to the accounts.

It was noted that the accounts of the County Council had been placed on deposit and made available for public inspection between 1 July and 11 August 2016.

The Lancashire County Pension Fund accounts were also included with the accounts as well as a separate item on the agenda.

Resolved:  That the Lancashire County Council Statement of Accounts for 2015/16 be approved and signed by the Chair of the Committee.