To consider a report by the Head of Financial Services seeking approval of the draft Statement of Accounts for the 2008/09 financial year.
Annex B of this report has been marked “TO FOLLOW”.
Contact:Mrs E Smith 388157
Minutes:
With the aid of a presentation by the Head of Financial Services, the Panel considered the draft Statement of Accounts for the year ended 31st March 2009 (a copy of which is appended in the Minute Book). Having had their attention drawn to a number of amendments, Members were acquainted with issues arising, which included the Council’s investments, the pension fund, the treatment of capital and the collection fund.
In response to concerns which had been raised on the reported deficit in the pension fund, the Head of Financial Services informed Members that while the funds assets were currently valued at the market value for investments, a full valuation every 3 years took account of a wide variety of factors including liability and potential changes in investment markets and that this would be used to evaluate changes in the employer’s contribution rate.
Arising from concerns relating to the risks associated with the Council’s approach to long term investments, the Panel has received assurances that appropriate procedures were put in place through the Council’s Treasury Management Strategy.
In response to a question on the appearance of Government Departments as one of the Council’s debtors, Members were informed that this related to grant funding from Central Government which was currently being awaited.
Having commended the Head of Financial Services and relevant Officers on the compilation of the accounts, the Panel
RESOLVED
(a) that the draft Statement of Accounts for the year ended 31st March 2009 be approved; and
(b) that the Leisure Centre Management Committee Accounts for the year ended 31st March 2009 be approved.
Supporting documents: