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Waverley Borough Council Committee System - Committee Document

Meeting of the Executive held on 06/12/2005
Statement of Accounts 2004/2005



Summary & Purpose
In July, the Council approved the Draft Statement of Accounts for the year ended 31st March 2005. This report requests that Members note the main changes made to the accounts following the audit undertaken by the Audit Commission.

APPENDIX H

WAVERLEY BOROUGH COUNCIL

EXECUTIVE – 6TH DECEMBER 2005

Title:

STATEMENT OF ACCOUNTS 2004/2005
[Wards Affected: N/A]

Summary and Purpose

In July, the Council approved the Draft Statement of Accounts for the year ended 31st March 2005. This report requests that Members note the main changes made to the accounts following the audit undertaken by the Audit Commission.

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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 2005 is 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. 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 2004/2005 accounts were published by the required date of 31st October 2005. There is a further month’s reduction required for the 2005/2006 accounts. Draft Statement of Accounts

2. The Draft Statement of Accounts for 2004/2005 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. 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 issued an unqualified opinion and has 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. 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 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.

4. In addition to these essential 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. Members will have received their copy of the published statement in the last two weeks.

5. One matter to draw Members’ attention to is an issue that auditors have had nationally with the calculation of certain local authority pension fund figures. This affects Waverley in that the uncertainty relates to valuations undertaken by the actuary that Surrey County Council employs. Whilst this is not in the control of Waverley’s officers and does not impact on the audit opinion for the 2004-05 accounts, it may impact on the accounts once the issue is resolved. Any adjustments required will not have any overall effect on Waverley’s Consolidated Revenue Account.

Recommendation

It is recommended that the Executive notes the changes to the Draft Statement of Accounts for the financial year ended 31st March 2005.

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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

Comms/exec/2005-06/185