80
The Treasurer presented the Statement of Accounts 2016/17 to the Committee and noted that there were three amendments to the Draft Accounts covering the following;
Pg. 101 of Agenda 14. Senior Officers: Additional Final Sentence
The Chief Fire Officer/Chief Executive costs are only included for part of the financial year, this is because until 31 July 2016 he was employed by Oxfordshire County Council and seconded to Hereford and Worcester Fire Authority. The Authority made payment of £57,159 to Oxfordshire County Council for the services received.
Pg. 132 of Agenda 124. Events after the Reporting Period: Additional Disclosure
As part of the triennial revaluation of the Worcestershire Pension Fund (LGPS), the Fire Authority has a liability to make lump sum contributions; to cover the previous deficit relating to prior years; in 2017/18, 2018/19 and 2019/20, totalling £960k. In April 2017 the Authority paid the 2017/18 liability and prepaid the liabilities for 2018/19 and 2019/20 to secure a discount of £60k in the total liability.
Pg. 134 of Agenda Firefighters’ Pension Fund Statement of Net Assets
Correction to 31 March 2017 top up grant and amounts due to General Fund.
The following balances in the table below are held in relation to the Pensions Fund.
|
31-Mar-16
£000
|
31-Mar-17
£000
|
Current Assets
Debtors
Employer Contributions Due
Employee Contributions Due
Top Up receivable from the government
Prepayments
Pensions paid in advance
Creditors
Unpaid Pension Benefits
Amounts due to General Fund
|
116
100
234
996
(40)
(1,406)
|
107
96
2,504
583
(21)
(3,269)
|
|
0
|
0
|
The Treasurer confirmed that the accounts had been signed off on 26 May 2017 a month ahead of the new deadline that will apply from next year onwards and that there were no significant issues arising from the completed audit. The Treasurer highlighted that although the accounts showed a significant deficit this had arisen from the identified liabilities in the pension schemes and confirmed that the Authority was not required to fund the negative balance as it would be met by direct government grants. Members' attention was drawn to the fact that as a consequence of the new Account and Audit Regulations 2015 and the changing deadlines for account sign off and publish it will be necessary to make changes to the established timetable for the Committee from 2018 onwards.
Following consideration of the External Audit Findings Report (below) it was RESOLVED the Statement of Accounts 2016/17 be approved.