The Service Director Finance will submit a report on the draft 2017/18 Statement of Accounts, the Council’s eight set of accounts prepared in accordance with International Financial Reporting Standards.
(Note: Appendix 1 – the Draft Statement of Accounts 2017/18 will be submitted in due course in accordance with the statutory deadline once finalised)
The Service Director Finance submitted a report on the draft Statement of Accounts 2017/18. Members commented on the late circulation of the document, noting the extent to which this arose from this year’s advanced timescales, and discussed the need for more time for Members to consider issues raised in detail.
Notwithstanding the request to defer consideration of the report, the following matters were highlighted:-
· The Service Director Finance confirmed that the new timescales for production of the Statement of Accounts presented a challenge this year, but he considered that he had adequate resources to meet this challenge in the future. The meeting noted similar pressures on the external auditors, but it was confirmed that KPMG did not anticipate any issues in relation to Barnsley’s processes, given the effectiveness of the Council’s arrangements for dealing with this matter.
· Reference was made to the significant loss of £5m within the Housing Revenue Account and the Service Director Finance indicated that he would investigate this issue. The meeting noted that the management of the Housing Revenue Account had now returned to direct Council control, which would provide for more effective monitoring and understanding of the position.
· Members commented on the £33.76m earmarked in reserves for the Glass Works scheme and queried if this was the totality of the expenditure on that project. The meeting noted that the scheme would be funded from a range of other sources, in addition to the amount in reserves, for example prudential borrowing, and that a further report on the overall package would be submitted to a future meeting of the Committee.
RESOLVED that further consideration of the draft Statement of Accounts for 2017/18 be deferred to a special meeting of the Committee to be arranged in coming weeks, but that Members be invited to comment on the document in the interim period.