Issue - meetings

To receive an update on the Value for Money Opinion for 2017/18.

The Chief Finance Officer advised the Committee that KPMG had been invited to attend this meeting to give an update but did not feel in a position to do so.

BDO, as the Council’s current external auditors, remained in attendance for this item.

The Chief Finance Officer reminded members of the history of the Council’s interactions with KPMG and their concerns which led to an outstanding Value For Money opinion for 2017/18. He reassured members that the Council had always sought the best legal advice before it purchased any commercial investment assets.

The Chief Finance Officer advised that a working group of councillors had been set up to focus on how we bring these matters to a resolution. He provided an update on the Council’s communications with KPMG since October and that we were willing to proceed in a co-operative way and invited dialogue with KPMG.

The Monitoring Officer gave a summary of the position with regards to the legal advice given to both parties and the information that KPMG had shared with the Council.

Members discussed the potential outcomes of the outstanding issues and possible avenues to resolve them with the Chief Finance Officer and the Monitoring Officer.

The Committee noted the update.