Issue - items at meetings - Statement of Accounts 2009/2010

11.1         RESOLVED- That the Statement of Accounts for 2009/10 be approved by the Committee.

11.1         The Committee considered a report of the Director of Finance and Resources on the Statement of Accounts for 2009/10. The report was introduced by the Acting Assistant of Financial Services who explained that the main changes in comparison with last years accounts had been explained at the previous Committee. He went on to elaborate that the £9 million general fund contingency and the £3.5m Housing Revenue Account (HRA) reserve had been maintained and that overall council finances were stable.

11.2         The Chairman asked the Audit Commission if they would like to note their verdict of the Statement of Accounts. The Audit Commission responded that their initial verdict, before the audit process was that the accounts were of good quality.

11.3         Councillor Randall noted the increase in pension liability in item 8.3.9 and asked if this indicated there was a hole in the council’s pension fund.

11.4         The Audit Commission stated that these figures were consistent with figures published by other public bodies.

11.5         Councillor Oxley and Watkins asked if a further report on this matter could be brought to a future meeting. The Chairman noted that the figures produced were twice the size of previous deficits and re-iterated the need for a future report to address this.

11.6         Councillor Oxley asked how employee pension contributions were managed.

11.7         The Acting Assistant Director of Financial Services responded that contributions from employees were relatively stable although there had been a recent 1% increase in contributions.

11.8         Councillor Randall asked how the employer contribution was funded. The Acting Assistant Director of Financial Services responded that there was no specific grant for pension contributions.

11.9         Councillor Kitcat and Watkins noted the changes underway in central government in particular proposals on the increase in the age of pension eligibility.

11.10    The Chairman asked for a report on the net affect on the council budget to be supplied at the next meeting.

11.11    RESOLVED- That the Statement of Accounts for 2009/10 be approved by the Committee.