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Waverley Borough Council Committee System - Committee Document

Meeting of the Executive held on 02/11/2004
Statement of Accounts 2003-04



Summary & Purpose
In July the Council approved the Draft Statement of Accounts for the year ended 31st March 2004. This report requests Members to note the main changes made to the accounts following the audit undertaken by the Audit Commission.

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APPENDIX E
WAVERLEY BOROUGH COUNCIL

EXECUTIVE – 2ND NOVEMBER 2004

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Title:

STATEMENT OF ACCOUNTS 2003/2004

[Wards Affected: N/A]
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Summary and Purpose

In July the Council approved the Draft Statement of Accounts for the year ended 31st March 2004. This report requests Members to note the main changes made to the accounts following the audit undertaken by the Audit Commission.

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E-Government implications:

The audited Statement of Accounts for the year ended 31st March 2004 will be published on Waverley’s website.

Resource and legal implications:

The changes made to the accounts, whilst material in value, do not impact on the overall position on the General Fund Revenue Account or the Housing Revenue Account.

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Introduction

1. The Accounts and Audit Regulations 2003 require that any material changes necessary since the Council approved the draft Accounts should be reported back to the Council for noting. The Accounts must be published by 30th November 2004.

Draft Statement of Accounts

2. The Draft Statement of Accounts for 2003/2004 was approved by the Council in July. The rigorous external audit by the Audit Commission often identifies some amendments necessary to the format and, in some cases, to the accounting treatment included in the draft accounts. The audit is now complete and any material changes made to the draft accounts are included at Annexe 1 with the updated figures shaded. Officers have also included some presentational improvements in the final version. Members will receive their copy of the published statement in November.

3. Members were informed in July when the draft Accounts were approved that officers were awaiting an up-to-date valuation of Housing Revenue Account assets from the Valuation Office. These figures were subsequently received and these changes are also included in the Annexe. It should be noted that, in line with Government requirements, the Valuation Office has used the basis of ‘value in existing use’ to value the Council’s dwellings and this figure has to be included in the Council’s accounts. This is different from the valuation basis that the Government requires for stock transfer purposes which is ‘Tenanted Market Value’ (TMV). TMV is a separate calculation based on a 30-year cash flow which takes into account future rents and costs and capital expenditure requirements.

Recommendation

That the Executive notes the material changes to the Draft Statement of Accounts for the financial year ended 31st March 2004.

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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: Miss C Miles Telephone: 01483 523259

e-mail: cmiles@waverley.gov.uk

comms/executive/2004/05/246