Issue - meetings
Final Accounts 2008/09
Meeting: 29/06/2009 - Audit Committee (Item 9)
9 Final Accounts 2008/09 PDF 116 KB
Additional documents:
Minutes:
Mr Finch (Service Head Corporate Finance) introduced the Draft Statement of Accounts for 2008-09 covering the key points within. He invited the Committee to consider and approve the Accounts and following on from that the Chair to sign a copy of them for submission to the external auditor.
In response, Mr Finch reported on the process for preparing the draft accounts. Mr Finch commented that this was a long and complex process, which started at the end of the financial year ending 31st March 2009.
The accounts had been submitted to the external Auditor for consideration. This process was due to run until the end of September 2009 and would be publicised to the public, who during which time, would be able to raise issues on the Accounts.
Councillor Abbas queried the implications of the loss on the Pension Fund Accounts. In reply, Mr Finch reported on the losses incurred during the year and that this was likely to be fairly typical as all Local Government Pension schemes were subject to the same market conditions due to the current economic climate. However, it was a relatively immature scheme and was not due to pay the bulk of liabilities for many years. Mr Finch expressed near certainty that the markets would recover in this time and the funds value would rise accordingly.
Councillor Haque referred to the International Financial Reporting Standards. He asked about the planning process for this? Mr Finch clarified that a project team had been established to take forward this work and an accountant had been seconded to work on this. Further advice from CIPFA was awaited to clarify what exactly needed to be done.
In relation to reserves, Councillor Abbas asked whether they were sufficient in view of the economic downturn? Mr Finch acknowledged that the downturn introduced a fair degree of uncertainty and pressure on budgets. However he was confident that the reserves were sufficient.
RESOLVED:
1. That the draft final Statement of Accounts for the financial year ending 31st March 2009 be approved;
2. That it be noted that the accounts will now be submitted for audit; and
3. That progress towards meeting the International Financial Reporting Standard (IFRS) be noted.
ACTION BY: Chris Naylor (Corporate Director Resources)
Alan Finch (Service Head Corporate Finance)