| AU.146 | Councillor Rothwell declared a personal interest in minute AU.151 - Statement of Accounts 2009/2010 as he was a tenant of Six Town Housing.
Mr Gremson declared a personal interest in minute AU.151 - Statement of Accounts 2009/2010 as he had received a small listed building grant from the Council in relation to his house.
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| AU.147 | There were no members of the public present to ask questions at the meeting. |
| AU.149 | The Director of Finance and E-Government gave a presentation explaining Local Government Treasury Management.
It was explained that treasury management includes the management of cash flows, banking, money-market and capital-market transactions; the effective control of the risks associated with those activities; and the pursuit of optimum performance consistent with those risks.
The presentation included information relating to the CIPFA Code of Practice and the Council’s Treasury Management Strategy and how these documents influenced investments, borrowing and risks.
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| AU.150 | Heather Garrett, representing KPMG, the Council’s External Auditors, presented a report summarising the key findings from their work in relation to the financial statements for the year ended 31 March 2010 and their assessment of the Authority’s arrangements to secure value for money in its use of resources.
It was explained that KPMG had substantially completed their work on the 2009/2010 financial statements. Work was continuing in a few areas and subject to outstanding queries being resolved it was anticipated that an unqualified audit opinion would be issued before 30 September 2010.
It was reported that KPMG had noted continued improvement in the quality of the accounts and the supporting working papers and that officers had dealt efficiently with audit queries. This had meant that the audit process could, largely, be completed within the planned timescales.
The proposed opinion was unqualified and there were no significant recommendations to report to the Audit Committee.
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| AU.151 | Further to Minute AU.59 of the meeting of this Committee held on 22 June 2010, the Director of Finance and E-Government presented a report detailing a small number of presentational amendments which had been made following the completion of the audit by KPMG. The relevant pages of the accounts reflecting the amendments were attached to the report. It was noted that the early closure and audit of the Accounts exceeded best practice as defined by the Audit Commission. |
| AU.152 | The Director of Finance and E-Government presented a report updating Members of the Committee on the Authority’s financial and performance position in line with the Committee’s Statement of Purpose to ‘provide independent scrutiny of the Authority’s financial and non-financial performance to the extent that it affects the Authority’s exposure to risk and weakens the control environment’.
The report indicated that the Authority was projecting an overspend of £1.152m for the year based on spending and income information as at 30 June 2010. Whilst the projected overspend was regarded as a matter of concern, however, it could be accommodated within the General Fund balances without breaching the ‘Golden Rules’, as a consequence of which the estimated position was not seen as a major risk to the achievements of the Authority’s Ambitions and Priorities.
Members commented on the projected overspend and in particular the financial situation within Children’s Services.
It was suggested that the Executive Director of Children’s Services attend a future meeting of the Audit Committee to update Members on the situation.
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| AU.153 | The Head of Strategic Finance presented a report providing Members with a quarterly update on the Annual Governance Statement which had been approved by the Audit Committee at its meeting on 22 June 2010.
The report gave an update on the continuous monitoring that was carried out and highlighted any relevant issues with regards to Risk Management, Business Continuity, Budget Monitoring, the work of Internal Audit, Review of Ethical Governance, the work of the Governance Panel, Gifts and Hospitality and the Local Pay Review.
It was reported that the governance panel had met seven times since its inception in November 2008, and was proving a value arena to exchange information and concerns regarding the Council’s governance arrangements including Ombudsman Report and Data Loss risks.
The up to date Corporate Risk Register was included within the report and informed Members of the risk event and status.
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| AU.154 | The Head of Strategic Finance presented a report giving Members an update on the system to declare, monitor and report gifts and hospitality offered to and received by staff.
The report set out a summary of declarations made for the period April to June 2010.
Paragraph 2.6 of the report included an analysis of the declarations by Department of the Council and gave the lowest, highest and the average value of the gifts or hospitality.
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| AU.155 | Heather Garrett, representing KPMG presented the Committee with the Progress Statement for the External Audit Programme 2009/2010.
Details of the ongoing work and when that work would be completed and reported to the Committee were included in the report with comments on progress.
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| AU.156 | It was explained that following the recent Government announcement regarding the disbanding of the Audit Commission, CIPFA had issued a statement to inform Audit Committee Members of the implications this would have at a Local Government level.
The statement was attached to the agenda for information.
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