Issue - meetings

To receive and consider the report of the Chief Finance Officer.

James Thomson, Interim Financial Services Manager, presented the report which presents the draft Statement of Accounts (SOA) for 2018/19.  The SOA were signed and authorised by the Chief Finance Officer on 31 May 2019 as required by Regulations.  The completion of SOA has been achieved following work from across a number of teams within the Council and has been a challenging task due to the change in the statutory timescales implemented last year.  The SOA will be formally submitted for approval by this Committee at the next meeting on 24 July following the completion of the external audit.

Members of the public now have 30 days to inspect the SOA including rights of objection, inspection and questioning of the external auditor, Grant Thornton. 

Members noted that Market Walk has been valued.  The asset was valued at £20.4m at the end of 17/18.  The shopping centre’s existing use value was reduced to £18.5m in 2018/19 reflecting changes in the retail market and a number of leases that remain under review.  This does not have an impact on the Council Tax payers of Chorley as the Council is not planning to sell the asset.  Officers successfully challenged the valuation as there is not a Poundworld, but a Poundland, as stated in the valuation.  The challenge increased the valuation accordingly.  The Council is currently out to tender for a new valuer, and Members noted that the opening of the Market Walk extension will have an impact on the valuation next year. 

Members discussed the vibrancy of Chorley town centre and the motivation of the Council in purchasing Market Walk to influence the town centre in a positive way.  The footfall within the town centre is monitored via the CCTV, income from the car parks and the use of the free WiFi.  This will assist in determining if the extension has a positive impact on the night time economy.  A number of jobs will also be created, in addition to those at Primrose Gardens extra care facility and the Strawberry Fields digital office park.

Decision: That the draft Statement of Accounts be noted.