The Chief Finance Officer submitted a report presenting the draft Statement of Accounts (SOA) for 2017/18 before being signed and authorised for issue by the end of May 2018. The report also advised on the process leading up to the formal submission of the SOA for approval by Members following the completion of the external audit and advised on the statutory requirements arising from the Accounts and Audit Regulations 2015.
Members were informed that the draft SOA had been completed, however officers were using the remaining time before the publication deadline to carry out further checks and therefore, the final draft to be uploaded on the website could contain minor changes. The committee was reassured that the council would meet its statutory requirement to publish the draft accounts on its website by 31 May 2018.
Building on last year’s improvements to the closure process, the finance team was able to complete the draft SOA well within the statutory deadlines. Members were advised that support from other services including Performance and Partnerships, Customer Services and Audit was crucial in completing the draft statement.
Members were reminded of a hold up at the closure of accounts last year due to problems with getting the cash flow to balance. The Prior Year Adjustments note in the draft statement explained the reinstatement of 2016/17 figures in the Cash Flow Statement and its Operating Activities note. Members were informed that the correction to the presentation had no effect on the reported financial position or performance of the Council and reassured that the issue had been raised with CIPFA who confirmed that this year’s Cash Flow Statement was correct.
RESOLVED – That the report be noted and authorised the Statement of Accounts for signing.