PORTFOLIO HOLDER – RESOURCES

SUMMARY

This report sets out the final accounts of the Council for 2001-2002 for approval by Members. It also sets out some brief notes on the various accounts included in the Statement of Accounts, together with the background to the requirement for Members approval from this financial year.

RECOMMENDATION

Members recommend to Council to approve the Statement of Accounts for the financial year ended 31 March 2002.

OVERALL POSITION

Indicative figures, subject to late adjustments, were presented to the Executive at its meeting on 30^th July 2002. A number of minor adjustments have been enacted to the detail in order to enable me to optimise the Councils financial resources and the Consolidated Revenue Account now shows a net revenue underspend of £124,466 and this has been taken to balances (compared with an original budget withdrawal from balances of £400,000). Overall the General Fund at the year end at £2,485,000 is £683,000 higher than originally estimated.

The position on the Capital Accounts remains unchanged.

The full Statement of Accounts is attached to this report. The audit of the accounts is scheduled to commence on 14 October, and the District Auditor expects to formally issue his report by 31 December.

BACKGROUND

The Accounts and Audit Regulations issued by the Secretary of State for the Environment set out the requirements for the production and publication of the annual Statement of Accounts. Revisions to the regulations were made in 1996, one of the changes requiring that a relevant group of Members should approve the Statement prior to its publication, and in any event within six months after the end of the period to which it relates (ie by 30 September).

It should be pointed out that in this context approval has a less onerous meaning than in certain other circumstances where Members approval is required. The responsible financial officer (RFO) retains the ultimate responsibility for the preparation of the Statement of Accounts, and is required under Regulation 8(3) to sign and date the statement prior to its approval by Members. Furthermore, the RFO is also required to certify that the statement represents a fair presentation of the accounts of the authority. The Members role in the approval process is to demonstrate ownership of the Statement of Accounts, and confidence in the RFO and the processes by which he maintains the accounting records and prepares the Statement of Accounts, after seeking such explanations and offering such advice as necessary, and achieving a broad understanding of the content of the accounts.

BACKGROUND PAPERS

Accounts and Audit Regulations 1996

Strategic Director of Finance and Information and County Treasurer’s Computerised Financial Information System

Contact Point: Gareth Hughes, Tel: 823604

JOHN PULSFORD

Strategic Director

Finance and Information

and County Treasurer

R R BARRY

Portfolio Holder for Resources