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DECLARATIONS OF INTEREST
Members are asked to declare any interests in matters for consideration at the meeting.
Councillor Lourie declared a Personal Interest in Agenda Item 5 as a member of the Board of Kingston Hospital NHS Trust, a former member of the Board of the London Pension Fund Authority, and a member of the London Councils’ Leaders’ Committee.
Minutes of the meeting held on 25 September 2006, attached.
The Minutes of the meeting held on 25 September 2006 be received and approved and the Chair be authorised to sign them.
REPRESENTATIONS FROM MEMBERS OF THE PUBLIC
The report describes the key figures published in the Statement of Accounts for 2006/07 and summarises the presentational changes that have been made in order to comply with the latest guidance from the Chartered Institute of Public Finance and Accountancy (CIPFA).
Covering report from the Director of Finance and Corporate Services TO FOLLOW.
Due to its considerable size, the Statement itself is being sent to Councillors on the Committee only. If you need a paper copy, please contact the Committee Manager.
(1) The Statement of Accounts, as attached at Appendix A to the report, be approved (subject to the correction of a typographical error in the second paragraph of the Introduction (pg 3)).
(2) The Investment Committee be RECOMMENDED to give detailed consideration to the Pension Fund Accounts, including the potential impact of increases in the number of members from Admitted Bodies (such as Hampton School and St Mary’s College).
[The Committee thanked and congratulated all the officers involved in the preparation and presentation of the Statement of Accounts, recognising that a significant amount of work had been required.
In addition to seeking clarification about a number of the terms used in the document, issues discussed during the Committee’s detailed consideration of the Accounts included:
- in general terms, the Statement of Accounts indicated that the Council’s financial position was reasonably healthy
- accruals (pg 8)
- improved capital expenditure (pg 8)
- the deficit on the Pension Fund, the status of Admitted Bodies and the potential for introducing differentiated contribution rates; also why membership has increased but employers’ contributions have reduced (pgs 9, 64 and 67)
- the explanation of Government Grant Deferred on the Balance Sheet (pg 15)
- the valuation of fixed assets and the definition of Community Assets (pg 15)
- Earmarked Reserves (pgs 22 and 55)
- ownership of the Home Loans Unit’s long term assets (pg 33)
- the reduction in the number of operational public conveniences (pg 42)
- the explanation for the Collection Fund surplus (pg 62).
Councillor Lourie declared a Personal Interest in this item as a member of the Board of Kingston Hospital NHS Trust, a former member of the Board of the London Pension Fund Authority, and a member of the London Councils’ Leaders’ Committee.]
Updated: 4 April 2014