RESOLVED: that the Audit and Risk Committee

a) note the Statement of Accounts appended to the report including the Audit Report contained within.

b) note that the audit of the Staffordshire Pensions Fund, which is conducted separately by Ernst and Young is yet to be finalised.

c) authorise the Chairman of Audit and Risk Committee, alongside the S151 officer to formally sign the Statement of Accounts upon notification that the Pension Fund audit has been completed with no requirement to amend the Statement of Accounts as appended to the report and notify the Committee accordingly.

d) In the event that the conclusion of the Pensions Fund audit required amendment to the Statement of Accounts as appended, the revised Statement of Accounts shall be bought to a subsequent meeting of Audit and Risk Committee for formal approval. 

RESOLVED: that the Audit and Risk Committee note that the Council's position at the beginning and the end of the quarter was as follows:

• Total on deposit at the start of the quarter £16,850,000
• Total on deposit at the end of the quarter £21,800,000
• Interest earned in the quarter was £312,512 against a budget of £140,500
• Total borrowing at the start of the quarter was £15,000,000 (long-term borrowing over 40-50 years)
• Total borrowing at the end of the quarter was £15,000,000
• Borrowing costs in the quarter were £59,233 against a budget of £58,750 note the internal audit activity