Agenda item

Report of the Chamberlain.

The  report and financial statements will be presented to the Audit and Risk Management Committee on 24^th July 2017 and the Court of Common Council on 12^th October 2017.

Members considered a report of the Chamberlain and the External Auditors in respect of the 2016/17 City Fund, Pension Fund, and Bridge House Estates Financial Statements.  The Chairman had agreed to accept an urgent item of Business in respect of the Bridge House Estates Statement of Accounts 2016/17, as they had been prepared 2/3 months ahead of schedule.  The documents had been emailed and tabled for Members, along with the draft minute from the Audit and Risk Management Committee, which had met the previous day. This draft minute summarised the discussion and recommended that the Finance Committee approve the 2016/17 City Fund, Pension Fund, and Bridge House Estates accounts. 

In addition to the questions raised at the Audit and Risk Management Committee, Members noted that the Actuarial update on market valuations could be provided before the next pension fund valuation. The Chamberlain offered to re-circulate the Actuarial report which had been presented to the Investment Committee. 

The Chairman commended officers and auditors on the early and accurate production of both set of accounts.

RESOLVED, that :

1.         The comments and recommendations of the Audit and Risk Management Committee in respect of BDO’s reports on the City Fund and Pension Fund be noted and the City Fund and Pension Fund Financial Statements for the year ended 31 March 2017 be approved.

2.         Authority be delegated to the Town Clerk, in consultation with the Chairman and Deputy Chairman of the Finance Committee, to approve any material changes to the financial statements required before the signing of the audit opinion by BDO - which is expected to be by the end of August or early September.  (NB. Any material changes will be circulated to Members of the Audit and Risk Management and Finance Committees)

3.         The comments and recommendations of the Audit and Risk Management Committee in respect of Moore Stephens reports on Bridge House Estates be noted and the Bridge House Estates Financial Statements for the year ended 31 March 2017 be approved.

2.         Authority be delegated to the Town Clerk, in consultation with the Chairman and Deputy Chairman of the Finance Committee, to approve any material changes to the financial statements required before the signing of the audit opinion by Moore Stephens - which is expected to be in mid- September.  (NB. Any material changes will be circulated to Members of the Audit and Risk Management and Finance Committees)