Agenda and minutes
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Contact: Peter Gray Email: peter.gray@hackney.gov.uk
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Apologies for absence Minutes: 1.1 Apologies for absence were submitted on behalf of Councillor Michelle Gregory.
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Declarations of Interests Minutes: 2.1 There were no declarations of interest. |
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Financial Statements Audit 2016/17 - Annual Governance Report (Council & Pension Fund) Additional documents: Minutes: 1.1 The Committee noted that it was anticipated that the main audit for both Pension Fund and the Council’s main statements would be completed by the end of July. The Chair confirmed the Committee that KPMG would not be in a position to issue a certificate until the WPA was complete. The accounts could be approved contingent on this.
1.2 Andrew Sayers introduced the External Audit Report 2016/17 in the supplementary pack. He referred the Committee to the financial statements audit at section two of the report.
1.3 The Chair asked about the robustness of contract management and Andrew Sayer’s response that processes were in place and appropriate action taken while a number of lessons were learned through this.
RESOLVED:
1. To approve the Council’s 2016/17 Statement of Accounts prior to the audit opinion being issued.
2. To approve, in its own right, the Annual Governance Statement contained within the Statement of Accounts.
3. To note the external audit report 2016/17.
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Statement of Accounts 2016/17 Additional documents: Minutes: 4.1 Ian Williams introduced the report presenting the Accounts for 2016/17 for approval prior to the issue of the audit opinion by the external auditor. The main financial statements demonstrated the Council continued to manage its finances in line with the resources available. Ian Williams thanked all those involved in the preparation of the statement of accounts.
4.2 Councillor Robert Chapman asked what the Council’s policy was in regard to the level of its reserves and Ian Williams told the Committee that the general balances on the General Fund and the HRA were maintained at £15m and £10.20m respectively. These were only held for specific purposes such insurance or the purchase of an in house fleet. A residual value could be obtained at the end of their life. £280m was the amount of the Council’s equities reserve for investment which was the amount held by most London Borough’s. Councillor Chapman stressed the need to maintain a prudent level of reserves. He went on to ask how the Council managed risk on property management. Ian Williams told the Committee that due diligence was applied. This was a diverse portfolio that generated a lot of income for the Council.
4.3 The Chair stated that the Annual Governance Statement should refer to the fact that the Audit Committee was attempting to draw up a suite of Performance Indictors as part of its role. The Council’s services depended on income in what was a high risk time on income yields and that this should be reflected in the governance state next year.
4.4 Councillor Sem Moema asked about the format of future accounts and Ian Williams told the Committee that the current format of the accounts were as a result of imposed rules and that there was an understanding that these were difficult to engage with. More streamlined accounts accessible to members and the public were to be produced
RESOLVED:
1. To approve the Council’s 2016/17 Statement of Accounts prior to the audit opinion being issued.
2. To approve in its own right, the Annual Governance Statement contained within the Statements of Accounts. |