Decision details

Received a report providing an overview of the financial accounts for 2005 / 2006 and seeking approval of the interim Statement of Accounts.

Agreed to approve the unaudited Statement of Accounts for 2005 / 2006, as required by the Audit and Accounting Regulations 2003.

A final version incorporating an Audit Certificate will be reported to the Assembly after the completion of the audit.

The meeting had a full and detailed discussion on the accounts presented to them with questions to the Head of Corporate Finance covering the councils capital spending, the revenue budget outturn, its reserves position particularly around capital receipts, pension fund accounts, the position of the housing revenue account, the composition and governance arrangements around Thames Gateway London Partnership, the value for money on fees paid to external auditors and other subsidiary questions pertaining to the accounts.

Councillor L Smith stated that due to sound financial management the Council was one of few council’s in a debt free position and that as one of the most deprived areas of London the Council works hard to secure as much funding from central Government as possible.  Councillor Smith also stated that because of the debt free position, the Council made payments of £8,238,000 to the Office of the Deputy Prime Minister from the Housing Revenue Account.  Only two other councils in London made similar payments and these are some of the richest London Boroughs.  Labour Group Councillors and the two Members of Parliament will continue to lobby Government for the return of this money which could then be spent on the existing housing stock by way of repairs or purchasing of new properties to add to the Council’s portfolio.