Report of the Managing Director

The Managing Director submitted a report (previously circulated) updating Members on the accounting policies to be applied in the preparation of the 2018/19 Statement of Accounts (SoA).

It was reported that the proposed accounting policies, defined within the Code of Practice, were in line with those used in the preparation of the 2017/18 accounts, with the exception of Accruals of Income and Expenditure and Financial Instruments which had been updated.

Reference was also made to the role of this Committee in specifically considering whether the accounting policies had been followed.

The submitted report highlighted the requirement of the Council to produce Group Accounts which was due to increased activity in the Joint Venture market, and that the SoA would be required to reflect the Council’s share of joint ventures in the financial statements.

RESOLVED – That the accounting policies be noted and approved for use in the preparation of the 2018/19 financial statements.