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Waverley Borough Council Committee System - Committee Document

Meeting of the Executive held on 18/09/2001
Statement of Accounts 2000/2001



The purpose of this report is to seek the Committee’s formal approval of the Council’s Statement of Accounts for the year ended 31st March 2001.
APPENDIX B

WAVERLEY BOROUGH COUNCIL

EXECUTIVE COMMITTEE - 18TH SEPTEMBER 2001

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Title:
STATEMENT OF ACCOUNTS 2000/2001

[Wards Affected: N/A]
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Summary and Purpose

The purpose of this report is to seek the Committee’s formal approval of the Council’s Statement of Accounts for the year ended 31st March 2001.

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Introduction

1. The Accounts and Audit Regulations 1996 issued by the Secretary of State for the Environment set out the requirements for the production and publication of the annual Statement of Accounts. These Regulations were revised in 1996 and now incorporate a requirement for the Statement of Accounts to be approved by a resolution of a committee of the relevant body within six months of the end of the period to which the Statement of Accounts relate.

Background

2. Authorities are increasingly encouraged to adopt sound principles of corporate governance which state that those who manage any organisation should accept responsibility for ensuring sound financial management and accountability for the way in which resources are used. As a result, the former Department of the Environment, Transport and the Regions introduced a requirement for members of the audited body to formally approve the accounts before they are published each year. It is to be emphasised that the Director of Finance retains responsibility for the preparation of the Statement of Accounts and is required under Regulation 8(3) to certify their fair presentation. The members’ role in approval is rather to demonstrate their ownership of the Statement of Accounts and their confidence in both the responsible financial officer and the process by which the accounting records are maintained and the Statement of Accounts prepared.

Statement of Accounts

3. The Statement of Accounts for 2000/2001 is attached at Annexe 1. The outturn on the Consolidated Revenue Account reflects a deficit of some 60,000 for the year being met by the General Fund working balance, a minor change from the figure of 58,076 reported to this Committee on 24th July 2001. This represents a saving of 200,000 on the original estimate for the year although there is slippage to 2001/02 of some 70,400 as also reported to the Committee on 24th July.


4. The audit of the Council’s accounts for 2000/2001 by the District Auditor is due to commence on 17th September and therefore the Statement of Accounts is prepared on a subject to audit basis. Accordingly, at this stage, the Statement of Accounts bears an unqualified draft audit opinion only. Should the auditor’s report require any amendment to the Statement of Accounts, in accordance with the Accounts and Audit Regulations, such amendment will be reported to this Committee as soon as practicable.

Recommendation

It is recommended that the Statement of Accounts for the financial year ended 31st March 2001 be approved.
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Background Papers (DoF)

There are no background papers (as defined by Section 100D(5) of the Local Government Act 1972) relating to this report.
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CONTACT OFFICER:

Name: Ms G Pope Telephone: 01483 869252

E-Mail: gpope@Waverley.gov.uk