Issue - meetings

2.10pm

Report by the Director of Finance (Annexes to Follow)

The Accounts and Audit Regulations 2015 require the Director of Finance to publish the unaudited Statement of Accounts 2018/19 no later than 31 May 2019 and certify that they give a true and fair view of the County Council’s financial position and income and expenditure for the year. This was achieved on 31 May 2019 and the unaudited accounts were published on the Council’s website for public inspection. The Regulations require the Statement of Accounts to be considered by a committee of the Council by 31 July 2019 and, following that consideration, to be approved by resolution of that committee. This report presents the accounts to the Audit & Governance Committee for consideration and approval, with the findings of the audit available in Ernst & Young LLP’s audit results reports.

The Committee is RECOMMENDED to:

a)            Consider and approve the Statement of Accounts 2018/19 at Annex 1;

b)           Note the Summary Accounts 2018/19 at Annex 2;

c)            Agree that no changes are required to the Annual Governance Statement, previously approved by the Committee on 8 Mayl 2019;

d)           Consider and approve the Letter of Representations 2018/19 for the Oxfordshire County Council accounts at Annex 4;

e)            Consider and approve the Letter of Representations 2018/19 for the Oxfordshire Pension Fund accounts at Annex 5;

f)             Agree that the Director of Finance, in consultation with the Chairman of the Committee (or Deputy Chairman in his absence), can make any further changes to the Statement of Accounts 2018/19 and / or letters of representation that may arise during completion of the audit.

Recommendations agreed.

Hanna Doney introduced the report and apologised for the late circulation of the Annexes.  This was in order to ensure that the Committee had the most up-to-date figures.  Annex 3 on Page 163 of the Addenda listed the adjusted differences to the Unaudited Statement of Accounts 2018/19.

Officers responded to issues raised by Members as follows:

·         The “Fair Value” of investments is a snap-shot taken on 31 March.

·         The investment strategy specifies that 50% of the portfolio may be invested with external fund managers and pooled funds – not 50% of the cash balances.

·         The draft accounts have been available since 31 May 2019.  This report sets out any differences from that draft.

·         Cabinet has approved an alternative way of making savings in Home to School Transport for over 16s with SEN but there is still a risk of overspend in the current year due to the demand and complexity of needs.

The following matters were noted by Members:

·         Expenditure on Children’s Services exceeded that on Adult Services for the first time.

·         The targets for reducing carbon emissions and improving air quality need to be more ambitious given the Council’s acknowledgement of the climate emergency.

·         Is 64 still an appropriate upper limit on “working age” given that retirement age is now more commonly older than that?

It was agreed that, given the late circulation of the annexes, Members could email comments to the Chairman and Officers over the following week before the accounts are signed by the Chairman and Director of Finance at the end of the month.

RESOLVED: to

(a)                Consider and approve the Statement of Accounts 2018/19 at Annex 1;

(b)                Note the Summary Accounts 2018/19 at Annex 2;

(c)                Agree that no changes are required to the Annual Governance Statement, previously approved by the Committee on 8 May 2019;

(d)                Consider and approve the Letter of Representations 2018/19 for the Oxfordshire County Council accounts at Annex 4;

(e)                Consider and approve the Letter of Representations 2018/19 for the Oxfordshire Pension Fund accounts at Annex 5;

(f)                 Agree that the Director of Finance, in consultation with the Chairman of the Committee (or Deputy Chairman in his absence), can make any further changes to the Statement of Accounts 2018/19 and / or letters of representation that may arise during completion of the audit.