Decision details

A report was presented on a summary of the process of preparation and the main points of the Statement of Accounts for 2014/15; 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).

A number of accounting adjustments agreed with the external auditor and shown in their Audit Findings report at Item 7 of the agenda were reflected within the statement.

The Committee was taken through the main components and key issues of the statement including:

·  Details of the Council’s spending and income in 2014/15, and how it compared with the budget.

·  Financial Statements including the movement in reserves and comprehensive income and expenditure statements, balance sheet and cash flow statement.

·  The external auditor's opinion on the accounts.

Officers responded to a number of questions raised by members.  Members were informed that the Statement had to be produced in accordance with accounting standards and it was acknowledged that this made some parts of the Statement difficult to read.  Officers agreed to see if further changes and improvements could be made to the style and format of the Statement to make it easier to understand.  It was suggested that consideration be given to the better use of graphs and pie charts.

With regards to comments made about the Council's reserves, members were reminded that this had been covered in a report to Cabinet on 12 August.  It was agreed that the report would be recirculated to members for their information.  It was also agreed that a more detailed breakdown of savings on the revenue budget and in particular within the Environment Directorate would be circulated to members.  

It was noted that the accounts of the County Council had been placed on deposit and made available for public inspection between 6 July and 31 July 2015.

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 2014/15 be approved and signed by the Chair of the Committee.