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Waverley Borough Council Committee System - Committee Document

Meeting of the Executive held on 09/11/2006
STATEMENT OF ACCOUNTS 2005/2006



Summary & Purpose
In June, the Council approved the Draft Statement of Accounts for the year ended 31st March 2006. This report requests that Members note the main changes made to the accounts following the audit undertaken by the Audit Commission.

APPENDIX C
WAVERLEY BOROUGH COUNCIL

EXECUTIVE – 9TH NOVEMBER 2006

Title:

STATEMENT OF ACCOUNTS 2005/2006
[Wards Affected: N/A]

Summary and Purpose

In June, the Council approved the Draft Statement of Accounts for the year ended 31st March 2006. This report requests that Members note the main changes made to the accounts following the audit undertaken by the Audit Commission.

Environmental implications:

There are no direct environmental implications arising from this report.

Social/community implications:

There are no direct social/community implications arising from this report.

E-Government implications:

The audited Statement of Accounts for the year ended 31st March 2006 is published on Waverley’s website.

Resource and legal implications:

The changes made to the accounts do not impact on the overall position on the General Fund Revenue Account or the Housing Revenue Account.

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. Under the new arrangements, this will be referred to the Audit Committee in future. However, the Regulations require that the post-audit report is considered by the same Committee that approved the accounts for that year. Over the last 2 years, the Government has been reducing the time allowed for local authorities to approve and publish their annual accounts. Waverley has achieved the tighter deadline each year and the 2005/2006 accounts were published by the required date of 30th September 2006.

Draft Statement of Accounts

2. The Draft Statement of Accounts for 2005/2006 was approved by the Council in June. 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. These changes often come about as a result of the moderation exercise that the auditors undertake with other similar authorities.
3. The audit is now complete and the Audit Commission has, once again, issued an unqualified opinion and have confirmed that there are no material weaknesses in the accounting and internal control systems and no matters of significant fraud or non-compliance with legislation to report. This report was considered by the Audit Committee on 26th September 2006 and was included in full in the Council agenda for the meeting on 17th October. Any material changes to the draft accounts agreed with the Audit Commission during the audit are included at Annexe 1 with the updated figures shaded. The Cash Flow statement presented to members in June has been the subject of a number of presentational changes, agreed with the Audit Commission during the audit and the new Statement is included in Annexe 1. The changes made to the accounts do not impact on the overall position on the General Fund Revenue Account or the Housing Revenue Account.

4. In addition to these changes, officers have worked with the Audit Commission to make some presentational improvements and to add some additional explanatory text to the final version to help the reader’s understanding. The full Statement of Accounts is available on the website and copies have been placed in the Members’ Room. If Members would like their own copy of the published statement, please contact the Director of Finance.

Recommendation

It is recommended that the changes to the Draft Statement of Accounts for the financial year ended 31st March 2006, be noted.

Background Papers (DoF)

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


CONTACT OFFICER:

Name: Mrs C Gibbs Telephone: 01483 523259
E-mail: cgibbs@waverley.gov.uk



Comms/exec/2006-2007/165