Chris Blundell introduced the report and make the following comments:
· These were a fundamental part of the council’s accounting;
· There was a proposals in the increase to the minimum in the capital expenditure from April 2020 onwards, which has been increased from £10k to £15k. That means that any expenditure below £15K would be considered as revenue, even if that expenditure met all other definitions and criteria;
· There have been changes to statutory deadlines for the closure of the accounts. Due to Covid-19, the deadlines have been extended for one year;
· The committee will now have to consider the accounts for approval by 30 November and not by end of July as is always been the case. This means that an extraordinary committee meeting would have to be scheduled close to that date;
· Draft accounts would now be published on 27 August 2020 and public inspection of accounts would commence from 01 September.
Councillor Shrubb proposed and Councillor Towning seconded and the committee agreed the following:
1. To approve the policies as set out in Annex 1 and 2 of the committee report;
2. To note the changes to the statutory audit deadlines for 2019-20.
This item was withdrawn from the agenda and would be considered at the next meeting of the Committee.