Agenda item

The Committee considered a report of the Corporate Director of Resources that provided a summary of the key accounting changes in the latest edition of the Code of Practice for Local Authority Accounting in the UK (the Code), applied to the 2013/14 accounts (for copy see file of Minutes).

The Assistant Finance Manager, Corporate Finance informed the Committee that this was a technical document and was updated annually.  He advised of the changes and highlighted the section relating to Valuation of Assets and in particular the impact of the balance sheet at 31 March.

Councillor Temple said that to reduce the risk the date should be changed for valuations so that the balance sheet was as up to date as possible.  The Assistant Finance Manager, Corporate Finance said that the guidelines confirm that the accounting periods commence on 1 April so in effect what is entered onto the balance sheets at 31 March is as up to date as it can be.

Councillor Smith said that as a new member she was interested in finding out about the County Council’s assets and Ms Larkin-Bramley suggested that it would be helpful to receive a presentation at a future meeting.  The Asset Manager said that he could provide a copy of the Corporate Asset Management Plan.

The Corporate Director, Resources referred to the Business Rate Schemes and explained how difficult it was to forecast the implications.  He recognised that at time new developments could impact on old developments.  For example a recent appeal on the impact of business in Bishop Auckland was successful for the business but was applied to all businesses in the area, a situation out of the County Council’s control.

Resolved:-

That the report be noted.