Meeting documents

The Committee considered this report that was introduced by the Engagement Manager – Grant Thornton who began by providing a summary of the report, noting: key developments including on-going austerity measures; the earlier production of the Council’s financial statements; and significant risks including the change of the SAP system supplier.

The Committee were further informed of the criteria used when producing the value for money conclusion, which are informed decision making, sustainable resource deployment and working with partners and other third parties. Additionally it was highlighted that External Audit continues to monitor the Children’s Services OFSTED rating.

Members discussed: the use of reserves; timescales for producing the Council’s financial statements; carrying the Q3 overspend into Q4; the LDPS transfer; borrowing money from school reserves; the themed approach to the 2017/18 MTFP; and the scale of the audit fee.

The Director of Finance and Performance informed the Committee of the re-prioritisation of funding to support the in year position, that the LDPS transfer was proceeding as planned, that if the Council’s quarterly budget accounts were produced sooner, this would result in a reduced level of accuracy; and that any budget decisions would be published in accordance with the Council’s standard process.

Members requested that a summary of all 2017/18 budget decisions taken to date be provided to all Members of the Committee. (Action: Director for Finance and Performance).

The Audit Manager informed the Committee of the other useful information sources highlighted in the report, including the publication titled ‘Income Spectrum’.

Members proceed to discuss: highways network asset valuation; changes to the Council’s Pension Fund, and the ‘UK GB Wealth Fund’; income generation; and the removal of elected Members entitlement to join the Local Government Pension Scheme.

The Director of Finance and Performance undertook to provide the Committee with an update on changes to the Council’s Pension Fund. (Action: Director of Finance and Performance).

The Committee accepted the report.