Issue - meetings

To follow

The Chief Accountant introduced the report.

In response to a question regarding the annual revaluation of assets, the officer explained that assets are either formally valued or revalued through an indexation calculation each year. The conversion also touched on the accessibility of the final asset database, which the officer was unsure about but offered to find out. Members inquired about the potential impact of asset revaluation on workload and whether external consultants will be needed, noting that current documentation suggests no direct cost implications. The officer responded that the proposed changes are expected to reduce the workload by allowing external valuers to work with the team to determine appropriate indices, enabling the team to calculate asset values rather than commissioning full valuations every year. This approach requires at least one formal valuation within a five-year period. The main challenge highlighted is ensuring consistency in the indexation method and obtaining approval from external auditors before implementation.

The Committee noted the report.

RESOLVED:

• To note the update in relation to the 2025/26 Statement of Accounts timeframes.
• To review the draft Accounting Policies for 2025/26 as set out in Appendix 1 and note that a further update will be presented to the Committee at the next meeting.