Issue - meetings

The Senior Accountant (Client) introduced the report of the Head of Finance and Resources setting out the un-audited Statement of Accounts for 2013/14 which had been produced in accordance with the CIPFA Code of Practice on Local Authority Accounting in the United Kingdom 2013/14 and which had been signed off by the Director of Regeneration and Communities prior to being submitted for external audit.

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

• The funding of the increased deficit on the Pension Scheme;

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

• The impact of the net pensions liability on the viability/sustainability of the Council and the mitigation of the impact through the fair apportionment of shared services across the MKIP authorities;

• The actuarial assumptions in relation to longevity;

• The results of the impairment review of the Council’s asset portfolio;

• The provision for bad debts; and

• The calculation of depreciation in relation to infrastructure, community assets and assets under construction.

RESOLVED:  That the unaudited Statement of Accounts for 2013/14 be noted prior to the completion of the external audit process.