Agenda item

Joint Report of the Treasurer to the Joint Committee and Corporate Director: Resources / Corporate Director: Neighbourhood Services.

The Principal Accountant referred Members to the report within the agenda papers setting out the Revenue Outturn and Statement of Account for the Year ended 31 March 2012 (for copy see file of minutes).

The Joint Committee were asked to note that the Annual Return and Statement of Accounts had been prepared in accordance with CIPFA requirement and Code of Practice. 

Members learned that against the prudent revenue budget, there had been an increase of £77,546 in revenue and that, as previously agreed, this would go into the Major Works Reserves. 

It was explained that there was a slight revision to paragraph 1.28 “Major Capital Works Reserve”, an additional sentence to read:

“Additional surplus transfers will continue into the Major Capital Works Reserve, until its balance totals £1.0m, following which the Joint Committee will undertake a further review of its policy”.

The Joint Committee noted the significant variances as set out within the report and was updated as regards the Cremator Replacement and Redevelopment Project, which was on budget.

Resolved:

(i)         That the April 2011 to March 2012 Income and Expenditure within the Revenue Financial Monitoring Report and subsequent year balance of reserves be noted.

(ii)        That the proposed treatment of reserves, including the addition at paragraph 1.28 of the Notes to the Financial Statements within the Statement of Accounts be approved.

(iii)       That the Annual Return and Statement of Accounts for the year ended 31 March 2012 be approved.

(iv)       That the Chair and Treasurer sign the Annual Return and Statement of             Accounts.