Item 12.5 - Attachment 1
Minutes Audit Committee Meeting 13 October 2011
Mike Barry in the
Chair, Councillor Julia Finn, Councillor
Dennis Banicevic (External Auditor – retired 6.01pm), Grant
Davies (Minute Clerk),
An apology was received and accepted for the absence of Bill Rock and it was noted that Mr Neil Adams would be arriving late at the meeting.
CONFLICT OF INTEREST DECLARATIONS
There were no conflict of interest declarations at this meeting.
30/11 Election of Committee Chairman
That Mr Mike Barry act as Chairman for this meeting pending the arrival of Mr Neil Adams.
31/11 Presentation of Audit Financial Statements
A copy of Service Manager Financial Systems and Services Memorandum dated 5 October 2011 providing the draft Council Report for presentation of Council’s Financial Reports was distributed with the agenda to all members.
Mr Banicevic provided an overview of the financial statements and noted that the completed audit would go before a Special Meeting of Council on 17 October 2011 for sign off.
In summary, Mr Banicevic noted that:-
· Council was in a sound and stable condition with all indicators being better than the accepted industry benchmarks
· It is likely that over the next 5 years Council will achieve operating surpluses;
· Council is in a good financial position and this position will be maintained going forward subject to future developments with the Civic Place Project;
· Infrastructure is being significantly maintained;
· Internal controls systems are sound;
· IT systems are working effectively;
· Accounts have been approved ahead of schedule.
That the Audit Committee endorses the Financial Statements that are to be placed before Council on 17 October 2011.
1. Councillor Andrew Wilson left the meeting at 5.56pm during discussion on the above matter.
2. Dennis Banicevic (6.01pm), Francis Fernandes (6.04pm) and Jason Peters (6.04pm) retired from the meeting following consideration of this matter.
32/11 Election of Audit Committee Chairperson
The CEO advised that he had received 1 nomination for Chairperson of the Audit Committee from Mr Neil Adams and sought advice as to whether any further nominations were to be submitted.
There being no further nominations, the CEO advised that an election was not necessary and declared Mr Neil Adams duly elected as the Chairperson of the Audit Committee.
The Mr Neil Adams be congratulated on his re-election as Chairperson of the Audit Committee.
Councillor A Wilson returned to the meeting at 6.11pm during consideration of this matter.
33/11 Next Meeting
It was noted that the next meeting of the Audit Committee is scheduled for Thursday, 24 November 2011.
Councillor Finn requested that a report be provided to the November meeting in relation to issues associated with Finlay and Associates, noting that this company had undertaken works for Council and had recently gone into voluntary receivership.
The meeting terminated at 6.14pm