Agenda and minutes

Harvey Patterson – Corporate and Regulatory Services Manager

Sarah Martin – Financial Services Manager & Deputy s151 Officer

Harpal Singh – Team Leader - Audit Commission

No apologies for absence were received.

To receive any declarations of interest.  Members are advised to consider the extract from the Standard Board Code of Conduct for Members, which forms part of the Declaration of Interest Form at the back of this Agenda.  If a Member declares an interest, they should complete that Form and hand it to the Officer clerking the meeting.

There were no declarations of interest.

Members, if possible please have any questions for officers prepared. The Final Accounts guidance gives an indication of the sort of questions Members should be asking. (This can be found in the Guidance Pack previously circulated).

This report presents the Statement of Accounts 2011/12 as presented to the auditors for Members of the Governance and Audit Committee to scrutinise and note.

Last year Members had received the Draft Statement of Accounts later but this year they were received several weeks prior to the meeting so that Members had an opportunity to read them in advance. Members were asked to bring any questions on the Statement of Accounts to this meeting when Sarah Martin, Financial Services Manager and Deputy s151 officer would provide answers where possible. The Statement of Accounts is to be brought back to the September meeting where any changes following the audit of the accounts would be notified to Members. The audited accounts must be approved by Members and published by 30 September 2012.

Sarah Martin, asked Members to raise any questions or queries during her presentation of the Statement of Accounts and they were as follows:- 

1.  HERITAGE ASSETS

The Council is now required to disclose separately its heritage assets. Heritage assets can be defined as a tangible or intangible asset that is intended to be preserved in trust for future generations because of it’s historical, artistic, scientific, technological, geophysical or environmental qualities and is held and maintained principally for its contribution to knowledge and culture. The Council has identified heritage assets to a value of £767k as at 31 March 2012. These relate to war memorials, public statues, artefacts or collections within museums, art collections and civic regalia.

Question:-

Who determines the value of these assets?

Answer:-

They have been properly valued and insured where appropriate. Advice was sought from KCC Museums Group and having gone through a ‘Tender’ process a consultant had been appointed who carried out this work. Larger items were validated through auction houses.

2.  Is there a full list/inventory of the Council’s Heritage Assets and can Members see it?

  Answer:-

  Sarah said that yes, there is a list and a full breakdown will be provided   to Members.

It was proposed by Councillor Mrs Tomlinson and seconded by Councillor Binks that:

“Members consider the ‘Inventory’ before it is taken to Overview and Scrutiny Committee should it be necessary”

AGREED.

3.  BACKDROP TO 2011/12 ACCOUNTS

  The continuing economic downturn and the reduction has resulted in reduced income levels for example from planning fees and land searches. The prolonged suppression of the Bank of England base rate has also resulted in reduced investment income. The Council have developed a range of saving options to mitigate the impact of the significant cuts in Government funding (5.3% cut in Formula Grant) and the capital programme was adjusted to accommodate the reduction in Capital Receipts.

  Question:-

  Members would like to understand the income trend against the key fees and charges over the last 5 years.

  Answer:-

  Sarah advised that this can be prepared for Members.

  Questions:-

  Would delays in the Capital Programme for future years be likely should the projected economic situation continue?

  What method is used to prioritise those projects that stay  ...  view the full minutes text for item 236.