Issue - meetings
Audit Commission Annual Audit Letter
Meeting: 29/03/2012 - Audit Board (this committee has been combined with the Audit, Standards & Governance Committee and no longer meets) (Item 31)
31 Audit Commission Annual Audit Letter 2010/2011 
PDF 57 KB
Additional documents:
Minutes:
A copy of the Audit Commission, Annual Audit Letter for 2010/2011 was considered. The Chairman welcomed Ms. Z. Thomas, Audit Manager for Bromsgrove from the Audit Commission to the meeting.
Ms. Z. Thomas highlighted that the Council faced significant financial challenges exacerbated by reductions in central grants so the Audit Commission had focused on the level of savings the Council would be facing in the future. The following areas were covered by the report, with the current and future challenges discussed in detail with Members.
§ Key Messages
§ Current and future challenges
§ Financial Statements and annual governance statement
§ Value for Money
Members were informed that they had a key role to closely monitor the shared services programme, the business transformation project and the town centre redevelopment and that this had been reflected in the 3 recommendations made by the Audit Commission, namely that:
Council Members should ensure:
§ All savings for 2012/2013 were indentified before the start of the financial year.
§ Current Council performance was maintained during the business transformation process.
§ Risks and progress of the town centre redevelopment were monitored closely to minimise risk to the Council.
The Executive Director, Finance and Corporate Resources responded to Members’ questions with regard to the recommendations and monitoring of the recommendations. The Executive Director, Finance and Corporate Resources agreed to include all savings and the town centre redevelopment within the Corporate Risk Register in order for the Audit Board to receive updates and to monitor. It was agreed that the annual required savings figures would be included in future reports as the cumulative required savings figures shown had caused some confusion. Ms. Z. Thomas informed Members that the Audit Commission would report back to the Audit Board on the monitoring of savings.
Further discussion followed on the financial statements and annual governance statement. The Executive Director, Finance and Corporate Resources responded to Members’ questions with regard to the VAT receipt and the £400,000 premium paid to the Council by Aldi which had been treated as a capital receipt.
RESOLVED that the recommendations included in the Annual Audit Letter 2010/2011 be noted.