Agenda and minutes

To note any changes to the membership.

1.1       There were no changes to the membership.

To receive declarations by Members and Officers of the existence and nature of any personal or prejudicial interests in matters on this agenda.

2.1       There were no declarations of interest.

Report of the City Treasurer.

3.1       Steven Mair (City Treasurer) presented the report and confirmed that no objections to the 2017/18 accounts had been received during the public inspection period. The Committee noted that the accounts had been subject to a robust audit from the external auditors. Steven Mair then referred Members to the three changes to the accounts as set out in the report that had taken place since the accounts had been considered at the Committee’s meeting on 23 April. The three changes related to overstatement of property valuations, capital expenditure financed from revenue resources accounted for as capital grant and understatement of property, plant and equipment relating to the 2016/17 accounts.

3.2       During discussions, Members enquired whether the City Council would be undertaking any borrowing. The Chairman noted that the same issues had arisen from the previous year’s capital programmes, with some underspends occurring in the same areas. He also enquired whether there were measures in place to improve capital flow.

3.3       In reply to questions from Members, Steven Mair confirmed there is work being undertaken on potential borrowing in respect of the Capital Programme and that measures through the new programme management office will be in place to improve the control of capital expenditure.

3.4       The Chairman requested that an update on both the Capital Programme and the Housing Revenue Account be provided in six months’ time to see if there had been improvements in capital flow. He stated that priorities included end of year performance and asked that updates on performance be given in the context of the ongoing transition in IT. In terms of targets set, the Chairman requested that there be a review of this, including highlighting targets that were missed and the reasons for this. He emphasised that it was important to monitor performance of strategic changes, such as the Investment Strategy. Members also expressed an interest in monitoring the performance of CityWest Homes in the context of its organisational review and to include an assessment of its financial performance.

3.5       Steven Mair acknowledged the requests made by the Committee and that and advised that there were a number of IT related changes taking place that needed to be monitored, including the move to SAP, the change of payroll provider from BT to Hampshire County Council and the implications of moving from tri-borough to bi-borough arrangements.

3.6       On behalf of the Committee, the Chairman then signed the annual accounts for 2017/18 for its approval in order to be signed off by the auditors.

3.7       RESOLVED:

            That the 2017/18 Annual Accounts be approved for sign off by the auditors.