Decision Maker: Audit Committee
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
To report on the 2018-19 Statement of Accounts
and progress on the external audit of the accounts.
Note – Councillor John Holmes declared a non-pecuniary interest in this item by virtue of the fact he is a nominated Director of South Lakes Housing. He remained in the meeting during discussion and voting on the item.
The Finance Lead Specialist (Section 151 Officer) introduced the audited Statement of Accounts and Annual Governance Statement for 2018/19 and Appendices 1, 2 and 3, which had been circulated to the Members prior to the meeting. The unaudited Statement of Accounts for 2018/19 had been approved by the Finance Lead Specialist (Section 151 Officer) on 30 May 2019. The accounts had been subject to public inspection from 1 June 2019 allowing the opportunity for the general public to raise objections, questions and comments with the External Auditor. Legislation required that accounts be considered and approved by Members and published no later than 31 July 2019.
The Finance Lead Specialist (Section 151 Officer) drew Members’ attention to the net pension liability which included the second year impact of the payment of an additional sum in regards to future years’ liabilities and a past service cost as a result of a recent national court case which was impacting on all Local Government Pension Schemes. In addition she highlighted that the revaluation of the lake assets had not been processed and informed Members that this had been corrected and the Statement of Accounts amended.
The Finance Lead Specialist (Section 151 Officer) went on to draw Members’ attention to further documents which had been circulated at the meeting. One being the letter of representation which required approval and signature by both the Section 151 Officer and Chairman of the Audit Committee and formed part of the overall assurance required by the External Auditor in providing their opinion. She went on to highlight the Annual Governance Statement Recommendation Implementation Progress Report at Appendix 3 to the report and outlined the actions which had been identified and a new action regarding a review of Local Government Ethical Standards.
The Finance Lead Specialist (Section 151 Officer) responded to questions raised by Members.
RESOLVED – That
(1) the audited Statement of Accounts for 2018/19 be approved;
(2) the letter of representation, as at Appendix 2 to the report, be approved;
(3) the Chairman of the Audit Committee be authorised to sign the letter of representation and the Statement of Accounts on behalf of the Committee;
(4) in the event of further amendments following the final audit findings report, the Chairman of the Audit Committee be authorised to re-sign the Statement of Accounts; and
(5) the Annual Governance Statement action plan, as at Appendix 3 to the report, be noted.
Report author: Peter Hunt
Publication date: 15/08/2019
Date of decision: 25/07/2019
Decided at meeting: 25/07/2019 - Audit Committee