Issue - meetings


Response to the Value for Money Judgement in 2017/18 accounts

Meeting: 06/11/2018 - Budget Planning Committee (Item 33)

33 Response to the Value for Money Judgement in 2017/18 accounts pdf icon PDF 237 KB

Report of Interim Executive Director – Finance and Governance

 

Purpose of report

 

Following the publication of the final accounts for 2017/18 for Cherwell District Council in September 2018, our accounts were not qualified, except for Value for Money.  In response to the issues raised in that judgement, this report details the actions that we have taken to address any concerns in that judgement and highlights our continued strengthening of our financial management framework.

 

The issues highlighted related to the acquisition of one company, which included the acquisition of one site within Banbury known as “Crown House” and this report evidences the improvements that happened both within 2017/18 and into 2018/19 around our acquisition strategy and policy.  Further actions are also detailed about other improvements that we wish to make.

 

As part of the Value for Money audit for 2017/18 other similar transactions were examined, including the acquisition of Castle Quay 1 and 2 and no issues were raised.

 

Recommendations

            

The meeting is recommended:

 

1.1       To note the actions taken to date in relation to address any concerns          within the value for money judgement in our 2017/18 accounts in   relation to the acquisition of assets.

 

           

 

Decision:

Resolved

 

(1)        That the actions taken to date in relation to address any concerns   within the value for money judgement in our 2017/18 accounts in          relation to the acquisition of assets be noted.

Minutes:

The Committee considered a report from the Interim Executive Director – Finance and Governance, which detailed Cherwell District Council’s response to the Value for Money Judgement on the 2017/18 accounts.

 

In introducing the report, the Interim Executive Director – Finance and Governance advised the Committee that the report would also be presented to the Board of Crown House Banbury Ltd, as agreed with the external auditors.

 

The Interim Executive Director – Finance and Governance assured the Committee that there was no indication in the judgement that the acquisition of Crown House should not have happened.

 

As a result of the Value for Money judgement, other transactions had been reviewed and no issues had been found. In response to the report, the Committee commented that the report had given Members and officers a number of learning points for future transactions. 

 

Resolved

 

(1)        That the actions taken to date in relation to address any concerns   within the value for money judgement in our 2017/18 accounts in          relation to the acquisition of assets be noted.