Agenda item

The Committee considered a report of the Corporate Director of Resources that provided Members with the Final Accounts Timetable for 2016/17 detailing the deadlines for key actions to complete the Statement of Accounts in line with statutory deadlines (for copy see file of Minutes).

The Finance Manager, Corporate Finance advised that there would still be a two stage process but with different deadlines.  The accounts would be signed off by the Corporate Director of Resources at the end of May 2017 and would be reported to Audit Committee in July 2017 for final approval.

He went on to inform the Committee that new estimating techniques and new processes were being used and that the critical path for accounting had been reviewed.  A group of invested accountants were working very closely with the team to identify any risks.  The external auditors, Mazars were also working very closely with the team in preparation for receiving the accounts early.  Schools had been identified as an area of risk.

Members were advised that a number of other organisations use the ledger and were aware that it would be shut down early. 

Councillor C Carr was delighted to see that schools had been taken into account and congratulated the team for the systems in place to ensure that new deadlines were met.

Councillor Temple found the report very helpful and informative in terms of what needed consideration, and he was assured that systems were in place to deliver on time.

Referring to the timetable, Councillor Davinson said that there may be problems in receiving the declaration forms on time from Members.  He asked if they had been informed as to why the forms needed completing earlier.  The Finance Manager, Corporate Finance explained that it was important to have a 100% return and his team were working closely with Michael Turnbull in the Committee Services team who had been instrumental in the process.

With reference to the key dates, Mr Robinson asked if there would be a significant impact if any were missed.  He was advised that the dates were key and for example, capital expenditure would be shut down on 10 April and they would be strict with that.  He added that if the ledger were to keep moving then they would have significant problems.

Mr Robinson was advised that the critical path would be fine-tuned.  The Finance Manager, Corporate Finance referred to a practice used at South Tyneside Borough Council whereby reminders were sent a week before the deadline rather than chasing after the deadline.

The Finance Manager, Corporate Finance advised that the bank reconciliation process and service ledgers were carried out on a monthly basis to enable a smooth process.  He confirmed that this would not cause any problems with the completion dates, further to a question from Mr Robinson.

The Finance Manager, Corporate Finance informed Members that an update would be given at the next Audit Committee in June 2017.

Resolved:

That the report be noted.