Report of the Section 151 Officer detailing the findings of any major changes to the Financial Statements 2017/18 arising from the Annual Audit.
The Committee considered the report of the Section 151 Officer (S151) detailing the Financial Statements 2017/18. The Committee noted that in accordance with the Accounts and Audit Regulations 2015 Financial Statements had been signed by the S151 Officer on 8th May 2018 which was earlier than the statutory requirement to have the statements signed by 31st May. The Committee noted that the year-end audit, carried out by Ernst Young Auditors had commenced on 21st May 2018 and was due to be completed prior to this meeting. The report detailed the findings to date, noted in the draft annual report of any major changes to the Financial Statements arising from the annual audit and any further changes would be presented at the meeting. The Committee particularly noted that Studio 144 had been reclassified from an Investment Property (IP) to Property (P) and a consequential change in basis of valuation and that since publication of the report the Council at its Full Council meeting on 18th July 2018 had terminated its contract with Capita.
(i) that the changes to the Financial Statements 2017/18 as a result of the annual audit as detailed in paragraphs 5-8 and appendix 1 of the report be noted;
(ii) that the audited Financial Statements 2017/18 be approved;
(iii) that the Committee receive a report from management at a future date regarding the plans being put in place to address the value for money conclusion; and
(iv) that the team be congratulated for their hard work in achieving early sign off of the accounts.