Agenda and minutes

The minutes of the meeting held on 9 September 2014 were taken as read, confirmed and signed.

The Chief Executive reported that no questions had been received under Standing Order 35.

The Chief Executive reported that no questions had been received under Standing Order 7(3) and 7(5).

There were no urgent items for consideration.

The Chairman invited members who wished to do so to declare any interest in respect of items on the agenda for the meeting.

No declarations were made.

The Committee considered a report of the Director of Corporate Resources which presented the 2013/14 Statement of Accounts for approval, provided information relating to the main areas of the accounts and reported the key findings from the external audit of the accounts.  A copy of the report marked ‘Agenda Item 6’ is filed with these minutes.

The Committee also considered a revised Letter of Representation and an extract from the minutes of the Corporate Governance Committee meeting held on 23 September where the Annual Governance Statement was approved and the External Audit of the 2013/14 Statement of Accounts was considered.  A copy of these documents is filed with the minutes.

Arising from discussion the following points were raised:-

(i)    The current situation with regard to pension liabilities was volatile.  However, the County Council had agreed a strategy with the pension fund Actuary to achieve a funding level of 100% over a 20 year period.  This strategy was judged to be prudent by the scheme’s Actuary.

(ii)  It was suggested that the operation of East Midlands Shared Services be considered at a future meeting of the Scrutiny Commission.  The Committee was assured that members of the East Midlands Shared Services Committee were satisfied with the progress being made in this area.

(iii) The County Council held a total of £794m in fixed assets comprising property, plant and equipment.  The Statement of Accounts did not require a split to be reported between school based assets and the rest of the Council’s estate.  The net balance sheet position was currently £64.6m, however, it was noted that the continued transfer of assets as part of the conversion of schools to academies could result in the balance sheet showing a negative position in the future.  Through reductions in the pension fund liability and long term borrowing position, due to the debt repayment policy, it was expected that this position would be avoided.

(iv)  The County Council had a number of long term debtors.  The Statement of Accounts provided details relating to the majority of these.  It was noted that ‘other long term debtors’ had increased to £5.0m during 2013/14.  This was mainly due to one Section 106 agreement temporarily funded by the County Council to enable works to improve a local junction in advance of the receipt of the funding.  The Committee supported the action taken by the County Council in this regard.

RESOLVED:

That the Statement of Accounts for 2013/14 be approved.

The next meeting will be held on 19 November at 3.30pm

It was noted that the next meeting of the Committee would take place on 19 November at 3.30pm.