Agenda item

To consider the Financial Statements 2016/17.

The Committee received the Financial Statements 2016/17.

During the discussion of this item the following points were made:

·         Members had previously received a training session on the draft accounts.

·         Following the Local Government Finance Settlement in January the Council had suffered a reduction in formula grant of 50.6%.

·         The deficit on the provision of services, including the Housing Revenue Account (HRA) was £6.0m which, after the required accounting adjustments (including capital financing) became a deficit of £0.3m on the General Fund and a deficit of £0.9m for the HRA.  The General Fund balance at 31 March 2017 was £10.0m and for the HRA £4.9m.

·         The usable capital receipts reserve as at 31 March 2017 stood at £8.0m and the usable capital grants and contributions reserve stood at £7.3m. 

·         School balances had decreased to £2.8m at 31 March 2017 from £4.6m at 31 March 2016, while the Dedicated Schools Grant central reserve had decreased to £1.4m at 31 March 2017 from £2.2m at 31 March 2016.

·         Members were informed of a number of minor changes which had been made following the publication of the accounts. 

·         Ernst & Young had requested a number of minor changes to the Annual Governance Statement which had been previously considered by the Committee.  The Committee received the amended Annual Governance Statement.

RESOLVED:  That the Financial Statements and letter of representation for 2016/17 be approved.