23 September 2013

Present:

Councillors Edgell (Chairman), Boyd, Clarance and Hannan.

Apologies:

Councillors Biederman, Channon and Hannon.

*10 Minutes

RESOLVED that the Minutes of the meeting held on 28 June 2013 be signed as a correct record.

*11 Audit Findings Report

The Chairman had exercised his discretion to vary the order of business to enable this matter to be considered at this point in the meeting in order that Grant Thornton s Audit Findings Report and the Devon Pension Fund Audit Findings Report could be considered before the Statement of Accounts for the same period.

The Committee considered the Audit Report from Grant Thornton which stated that the Audit was substantially complete and it was anticipated that an unqualified opinion on the financial statements would be provided. The report also stated that minor audit findings relating to closed landfill sites and PFI schools had no effect on the Council s reported financial position.

Grant Thornton confirmed that the accounts had been produced to a good standard with an excellent level of support provided by the Council s finance team. The Audit Report gave a qualified value for money conclusion, due to the findings of the April 2013 OfSTED Inspection on the Council s arrangements for the safeguarding of children which had been judged to be inadequate.

It was MOVED by Councillor Boyd, SECONDED by Councillor Clarance and

RESOLVED that the Audit Findings Report be noted.

*12 Devon Pension Fund Audit Findings Report

The Committee considered the report of Grant Thornton which stated that the Devon Pension Fund Audit was substantially complete and it was anticipated that an unqualified opinion on the financial statements would be provided.

The Report stated that accounts had been produced to a good standard with an excellent level of support provided by the Pension s finance and payroll teams, with a small number of recommendations for officers to further improve arrangements around the preparation of accounts.

It was MOVED by Councillor Clarance, SECONDED by Councillor Hannan and

RESOLVED that the Devon Pension Fund Audit Findings Report be noted.

*13 Statement of Accounts 2012/13

The Committee considered the report of the County Treasurer (CT/13/48 - text only | pdf | supplementary information CT/13/48), together with the Statement of Accounts booklet. The report highlighted some key issues in the Statement of Accounts for 2012/13, including an increase in pension liability, an increase in earmarked reserves and 200,000,000 of asset values that had been derecognised due to transfers to academy and cooperative school governing bodies.

It was MOVED by Councillor Boyd, SECONDED by Councillor Hannan and

RESOLVED

(a) that the Letters of Management Representation for the Devon Pension Fund and the County Council be approved;

(b) that the Statement of Accounts be approved.

*14 Financial Resilience Report

The Committee received the report of Grant Thornton which considered whether the Council had proper arrangements in place for securing financial resilience. The report in particular outlined historic areas such as the Council s borrowing levels, which were being proactively addressed, as well as the significant challenge facing all local authorities of financial planning and concluded that the Council was well placed to deal with this.

The overall conclusion was that the Council had adequate arrangements in place to deliver financial resilience.

It was MOVED by Councillor Boyd, SECONDED by Councillor Clarance and

RESOLVED that the Financial Resilience Report be noted.

*15 Annual Internal Audit Progress Report (Minute 3/28 June 2013)

The Committee received a further report of the Head of Devon Audit Partnership on progress with areas which had required improvement, as previously requested.

It was MOVED by Councillor Boyd, SECONDED by Councillor Clarance and

RESOLVED that the progress made in each of the required areas against the agreed audit recommendations be noted.

*DENOTES DELEGATED MATTER WITH POWER TO ACT

The meeting started at 2.15 pm and finished at 3.00 pm.

The Minutes of the Committee are published on the County Council s Website at:-