Issue - meetings

To consider the Statement of Accounts for the 2018/19 Financial Year.  

RESOLVED that:

(i)            The Annual Financial Report, including the Statement of Accounts and Annual Governance Statement, for the year ended 31 March 2019 be noted.

(ii)          Once all final amendments, agreed with the external auditor, have been implemented and when the external auditor has issued their audit opinion, the Leader of the Council and Chief Finance Officer, in consultation with the Deputy Leader and Executive Member for Finance, be authorised to sign the Statement of Accounts for 2018/19 by the 31 July 2019 statutory deadline.   

Councillor T. Schofield, Deputy Leader and Executive Member for Finance, reported on the Statement of Accounts for the financial year 2018/19 that had been prepared and presented to the Executive as part of the Annual Financial Report.

It was highlighted that a revised copy of the core statements had been published via an addendum to the agenda. It was explained that circulation of this information had been delayed pending confirmation from Deloitte, the Council’s external auditors, that these statements reflected adjustments identified during their audit.

It was noted that the Statement of Accounts for 2018/19 provided a summary of the year’s activity and explained how the Council had funded this activity. Councillor Schofield emphasised that the balance of the General Fund, and other reserves, remained healthy. It was recognised that this was the result of careful financial management against a backdrop of challenging economic conditions.     

Councillor Schofield thanked representatives from the Member Panel who had reviewed the draft statements and Officers for their time and effort in preparing the Accounts.

During the discussion there was a request for further information to be provided to Reigate Ward Councillors (outside of the meeting) on “Balances on Trust Funds”, outlined on page 112 of the agenda, in relation to the Reigate Baths Trust and Reigate Priory and Park Hill Trust.  

The Deputy Leader and Executive Member for Finance concluded by informing the Executive that the Statement of Accounts needed to be approved by the statutory 31 July deadline. With this in mind, and given the slight delay in the Council’s external auditors issuing their final audit opinion, Councillor Schofield moved some adjustments to the recommendations set out in the report. These were agreed and it was therefore;

RESOLVED that:

(i)            The Annual Financial Report, including the Statement of Accounts and Annual Governance Statement, for the year ended 31 March 2019 be noted.

(ii)          Once all final amendments, agreed with the external auditor, had been implemented and when the external auditor had issued their audit opinion, the Leader of the Council and Chief Finance Officer, in consultation with the Deputy Leader and Executive Member for Finance, be authorised to sign the Statement of Accounts for 2018/19 by the 31 July 2019 statutory deadline.

Reason for decision: The Code of Practice of Local Government Accounting recommends that the Statement of Accounts should be endorsed by the body within the Council that is responsible for overall corporate governance. Under the Council’s Constitution this function has been delegated to the Executive.

Alternative options: To reject the Annual Financial report, including the Statement of Accounts 2018/19. Failure to approve the Annual Financial report by 31 July 2019 would mean the statutory deadline for publication would not be met.