Issue - meetings

To present to the Audit Committee the Audited Financial Statements for 2016/17 and Annual Governance Statement.

The committee received the audited financial statements for 2016/17 along with the Annual governance statement. It was reported that the largest amendment had been in respect of the HRA property valuation as a result of a discrepancy. This hadn’t changed the overall outcome.

An amendment to the report was highlighted and it was noted that paragraph 3 on page 110 should read:

“As part of the annual revaluation exercise, the valuer provides estimated residual lives for all dwellings, which is used to calculate the depreciation charge for the financial year. This method reflects the average range of expected life per dwelling of between 40 to 60 years. For 2016/17 the estimated residual life used was 46 years…”

Concern was expressed that the housing values tended to be low, and in response it was explained that they were calculated differently to private housing as they had to include a ‘social discount value’. Members were assured, however, that for insurance purposes they were insured on their full value.

It was moved by Councillor Williams, seconded by Councillor Camamile and

RESOLVED –

(i)            The 2016/17 financial statements and annual governance statement be approved for publication;

(ii)           The content of management’s letter of representation to the external auditors be noted.

Draft statement of accounts and annual governance statement for 2016/17.

Consideration was given to the draft financial statements for 2016/17 and the annual governance statement.

RESOLVED – the unaudited financial statements and annual governance statements be endorsed.