Issue - meetings

To receive a report from the Deputy Chief Executive (S151) presenting the draft version of the annual Statement of Accounts to Members published on the website and presented for external audit in May.

The Committee had before it, and NOTED, the draft version of the annual Statement of Accounts. The final set of accounts and the audit opinion would be presented to the September Committee.

Consideration was given to:

·         A review of the impairment provision against 3 Rivers Developments Ltd had concluded that no further or indeed reduction in impairment was required. It was explained that there was significant opportunity for the company to repay the loans before they were due. Small loans were being issued post impairment but repayments were being made.

·         A request was made to provide Members with full details in relation to the cumulative lending for 3 Rivers operating costs as well as a repayment schedule. The Deputy Chief Executive (S151) that he would be happy to meet with any Member having concerns in this area to go through the detailed accounting in relation to this issue.

·         The meaning of a ‘smoothing’ reserve.

·         Concerns regarding the pensions liability. It was forecasted that a higher contribution rate would need to be paid in the future.

Note: * Draft accounts previously circulated; copy attached to the signed minutes.