The Portfolio Holder for Finance presented the report of the Executive Manager – Finance and Corporate Services seeking approval for the Statement of Accounts 2017/18 and for approval of the Management Representation letter that confirmed that the external auditors, KPMG, were satisfied with the validity of the financial statements provided by the Council. The Portfolio Holder stated that despite difficult economic circumstances that faced the public sector, the Council had maintained its focus on achieving a viable Medium Term Financial Strategy.

The Portfolio Holder stated that the KPMG auditors had approved the Council’s accounts with no major concerns and thanked the Executive Manager – Finance and Corporate Services and the finance team for their hard work in getting the accounts ready on time and meeting the challenges that the brining forward of the date for when the accounts had had to be finalised this year had presented. 

The Portfolio Holder advised that it had been an extremely successful year for Rushcliffe financially which had seen it continuing to have the lowest council tax in Nottinghamshire whilst still delivering excellent services with high resident satisfaction levels. The Portfolio Holder also noted that the Council’s Reserves have grown and assured Council that financial issues surrounding capital expenditure underspending would be addressed. The Portfolio Holder also reported that the Council’s Strategic Investments had been a success, referencing Chapel Lane in Bingham and the regeneration of Cotgrave Town Centre.

In seconding the report, Councillor Robinson stated the council had a £1.7 million gross income from its investments which placed the Council in a good and sustainable financial position but did note that Brexit did present some uncertainty going forwards, but that the Council was prepared for this uncertainty and that it was always looking at new ways of generating income in order to protect services delivered to residents.

Councillor MacInnes noted that it was excellent to see that the Council’s reserves had increased and commended the Executive Manager – Finance and Corporate Services, finance team and the auditors for their work. Councillor Davidson noted his agreement with Councillor MacInnes’ comments. Councillor Jones offered further congratulations regarding the statement of accounts and thanked Executive Manager – Finance and Corporate Services, the finance team and the auditors. Councillor Jones expressed concern about the sustainability of the pension scheme with fewer contributors supporting more pensioners as well as the potential borrowing costs involved in providing a new leisure centre at Bingham.

It was RESOLVED that:

a)    The Statement of Accounts for 2017/18 be approved.

b)    The Management Representation letter be approved.