PAPER B

 

                                                                                                                Purpose : for Decision

                        REPORT TO COUNCIL

 

Date :              17 SEPTEMBER 2003

 

Title :               FINAL ACCOUNTS 2002 - 2003

                       

REPORT OF THE PORTFOLIO HOLDER – RESOURCES

 

IMPLEMENTATION DATE : 17 September 2003

 

 


SUMMARY/PURPOSE

 

1.                  This report sets out the final accounts of the Council for 2002-2003 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

 

2.                  Members recommend to Council to approve the Statement of Accounts for the financial year ended 31 March 2003.

 

OVERALL POSITION

 

3.                  Indicative figures, subject to late adjustments, were presented to the Executive at its meeting on 30th July 2003.  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 overspend of £408,274 and this has been taken from balances (compared with a revised budget withdrawal from balances of £418,000).  Overall the General Fund at the year end at £2,077,097 is £251,897 higher than originally estimated.

 

4.                  The position on the Capital Accounts remains unchanged.

 

5.                  The full Statement of Accounts is attached to this report.  The audit of the accounts is scheduled to commence on 13 October, and the Audit Commission expect to formally issue his report by 31 December.

 

BACKGROUND

 

6.                  The Accounts and Audit Regulations issued by the Office of the Deputy Prime Minister set out the requirements for the production and publication of the annual Statement of Accounts.  Revisions to the regulations were made in 1996, with further amendments in 2003 which cover accounting periods commencing after 1st April 2003.  One of the requirements of the Regulations is 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).

 

7.                  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) of the 1996 Regulations 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

 

8.                  Accounts and Audit Regulations 1996,

Accounts and Audit Regulations 2003 and

Chief Financial Officer and Computerised Financial Information System.

 

Contact Point : Gareth Hughes Tel: 823604 (e-mail: [email protected])

 

 

REG BARRY

PORTFOLIO HOLDER FOR RESOURCES

PAUL WILKINSON

CHIEF FINANCIAL OFFICER