Approval of the Council's Statement of Accounts 2018/19
Decision Maker: Audit, Risk and Governance Committee
Decision status: Recommendations Approved
Is Key decision?: No
Approval of the council's statement of
accounts for the financial year 2018/19.
Khadija Saeed, Head of Corporate Finance, presented the Council's 2018/19 Statement of Accounts.
The following information was highlighted:
· The accounts were published on the Council's website in May 2019. The main changes from then were detailed in the report and related predominately to the McCloud judgement and the impact of this on the accounts. In addition, as already discussed, the classification issue in relation to the investment management fees for the pension fund and the addition of the taxation figures of the LCDL group accounts.
· In response to a question Abigail Leech, Head of Service for the Pension Fund, confirmed that the classification issue was related to new guidance from the Chartered Institute of Public Finance and Accountancy (CIPFA) on providing more transparency on annual report disclosures with regard to investment management fees.
· Members thanked officers and the audit team for the work in producing the accounts within shorter timescales and were pleased to note the final outturn figure that showed an underspend against the budget for the year.
Resolved: That the 2018/19 Statement of Accounts be approved.
Report author: Jeanette Moister
Date of decision: 29/07/2019
Decided at meeting: 29/07/2019 - Audit, Risk and Governance Committee