Agenda item

Report of the Chamberlain. 

The Committee considered a report of the Chamberlain which highlighted the steps being taken to achieve faster closure to meet the new statutory deadlines for the City Fund and Pension Fund accounts which will apply from 2017/18 onwards requiring the draft accounts to be published by 31 May (a month earlier than currently required) and the audited accounts to be published by 31 July (two months earlier than currently required).

The report also provided an overview of the main changes to the local authority accounting framework for 2016/17 and outlined the anticipated impact of a change to the accounting treatment of local authority highways networks due to be implemented in 2017/18.

A Member commented that he welcomed the proposals to list expenditures by Committees, rather than Departments. However, he commented that the Corporation’s governance structure could be confusing for members of the public.

RESOLVED – That the Committee notes the report and supports the goal of achieving the new condensed timetable for publication of the accounts.