Issue - meetings

RESOLVED that the:-

(1)       draft revenue results be noted;

(2)       draft year end capital and updated programme at appendix 1 be approved; and       

(3)       updated lending list at appendix 2 be noted.               

RECOMMENDED to Full Council;

(1)       that the draft treasury management results for 2018/19 at appendix 3 be noted.

The Portfolio Holder for Corporate Resources presented the report on the 2018/19 draft final accounts and treasury management. He informed Members that the external Auditors Grant Thornton due to unforeseen pressures would not be able to undertake the final accounts audit in July. Therefore the approval of the final accounts would be later than anticipated possibility late September 2019. Grant Thornton would issue the Council a letter of exoneration. There would be no penalty to the Council for this delay. 

Member’s attention was brought to the 2018/19 draft revenue results and budget variations, the draft final capital programme for 2018/19 and future years and the treasury management results and lending list.

In response to a non-Executive Member question regarding details of the Council’s Short and Long Term debt for the financial period, the Portfolio Holder for Corporate Resources commented that the 18/19 accounts identified the capital financing requirement for the Council which was the underlying need to borrow. This was due to the purchase of Market Walk which had be financed from capital reserves, further schemes that were agreed by Council in February 2019 amounted to £36.134 million for 19/20 to 21/22. Additionally, as reported to the Audit Scrutiny Committee in April, the Council’s capital borrowing requirement over the period 19/23 could be £45 million if all the proposed schemes were approved. Therefore adding the £45 million reported at Audit Committee Scrutiny to the £17.163 million for Market Walk together came to £62.163 million.

Members thanked officers for the work that had been undertaken on the accounts.

The Portfolio Holder for Corporate Resources proposed and the Leader seconded the recommendation.

RESOLVED that the:-

(1)       draft revenue results be noted;

(2)       draft year end capital and updated programme at appendix 1 be approved; and       

(3)       updated lending list at appendix 2 be noted.               

RECOMMENDED to Full Council;

(1)       that the draft treasury management results for 2018/19 at appendix 3 be noted.