The Senior Accountant (Client) introduced the report of the Head of Finance and Resources setting out the un-audited Statement of Accounts for 2012/13 which had been produced in accordance with the CIPFA Code of Practice on Local Authority Accounting in the United Kingdom 2012/13 and which had been signed off by the Director of Regeneration and Communities prior to being submitted for external audit.

It was noted, inter alia, that in response to recommendations made by the external auditors following their audit of the 2011/12 accounts, a specialised fixed asset register system was being implemented to replace the current spreadsheet based system.  The system would be fully operational for the 2013/14 closedown.  There had been closer contact with the valuers with regard to the valuations for 2012/13, and these had been received within the agreed deadlines.

The Committee asked a number of questions of the Officers relating to:

·  The calculation of depreciation;

·  The arrangements for funding the projected deficit on the Pension Fund;

·  The difference between the annual and triennial Pension Fund valuations;

·  The power to amend the defined benefit final salary Pension Scheme;

·  The action being taken by the Council to encourage younger staff to join and remain in the Pension Scheme;

·  The revised arrangements in relation to the revaluation of investment properties;

·  The Council’s investment strategy;

·  The change in certain budget headings within the Comprehensive Income and Expenditure Statement year on year;

·  The trading deficit in relation to the Lockmeadow Market complex (due in part to empty units);

·  The need to classify vehicles used in the provision of the refuse collection and park and ride contracts as a lease type arrangement;

·  The way in which historic debt was recorded in the Accounts; and

·  The award of the contract for external audit services to Grant Thornton.

Having considered the replies to it questions, the Committee:

RESOLVED:  That the un-audited Statement of Accounts for 2012/13 be noted prior to the completion of the external audit process.