Decision details

The committee was asked to approve the county council's Statement of Accounts for 2011/12, as presented by George Graham, deputy county treasurer.

Regulations governing the process and delegated authority from the county council required the chair of the committee to sign off the accounts once they were approved by the committee.

The committee was informed that 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 statement had been compiled according to an agreed detailed programme of work to close the council’s accounts accurately and approve them within the deadline of 30 September. The statement had been signed by the county treasurer to certify that it presented fairly the income and expenditure for 2011/12 and the financial position of the county council as at 31 March 2012.

The committee was taken through the main components and key issues of the statement, including the details of the status of the Statement of Accounts i.e. details of the council's spending and income in 2011/12 and how it compared with the budget; the main changes to the accounts for 2011/12 under IFRS, the financial statements including the movement in reserves statement, the comprehensive Income and expenditure statement, the balance sheet and cash flow statement and finally the auditor's report.

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

It was noted that the accounts of the county council had been placed on deposit and had been available for public inspection between 2 July and 27 July 2012.

The committee also noted the total amount of expenditure on Private Finance Initiative (PFI) projects. The committee expressed the hope that value for money would be achieved given the significant amount of expenditure involved.

Resolved:  That the Lancashire County Council Statement of Accounts for 2011/12 be approved and signed by the chair of the committee.