Issue - meetings

(i)        to approve recommendations (a) to (e) and (g);

(ii)        to approve recommendation (f) except for the 27th July 2017 date with that date to be amended to a suitable date in August 2017 if required, having taken account of the summer recess; and

(iii)       to approve that the Council will take all actions necessary to ensure the continuing solvency of AECC Ltd until such time as it has been wound up, including guaranteeing to meet all creditors falling legally due and by confirming that it will not seek the repayment of any share capital.

The Committee had before it a report by the Head of Finance which (1) outlined the financial position of the Council for the financial year 2016/17 and its impact on the Council’s balance sheet for the Council’s General Fund and Housing Revenue Account; (2) outlined the financial position of the Common Good Fund for the financial year 2016/17 and its impact on its balance sheet; and (3) provided information on future financial reporting, faster closedown and production of the annual accounts and a change to the Council’s group structure.

The report recommended:-

that the Committee –

(a)       note the current final outturn position for the various Council accounts for the financial year 2016/17;

(b)       note the various transfers, as included in the unaudited Annual Accounts for 2016/17, between Council accounts and earmarked sums for the General Fund, Common Good and Housing Revenue Account as at 31 March 2017 as shown in Appendix B of the report;

(c)        note the working balances of the General Fund, Housing Revenue Account and Common Good, as included in the unaudited Annual Accounts for 2016/17;

(d)       approve that in accordance with the relevant strategies to maintain revenue balances, the Council’s objective of retaining recommended levels of uncommitted balances has been achieved;

(e)       note that the unaudited Annual Accounts for 2016/17 were presented to the Audit, Risk & Scrutiny Committee, along with the Annual Governance Statement and Remuneration Report, at its meeting on 27 June 2017;

(f)        approve the dates for future Finance, Policy and Resources Committees as specified in Paragraph 3.8 of the report;

(g)       approve the procurement of, and expenditure for the purchase of a system to enhance the efficiency of the production of the Council’s annual accounts as specified in Paragraph 3.9 of the report; and

(h)       note that, following the appointment of SMG Europe as operator of Aberdeen Exhibition and Conference Centre from 1 April 2017, AECC Ltd, a wholly owned subsidiary of the Council becomes dormant as detailed in paragraph 3.34 of the report and delegate authority to the Head of Finance following consultation with the Head of Legal and Democratic Services to make all necessary arrangements in conjunction with the Board of AECC Ltd to wind up the company.

The Convener, seconded by the Vice Convener moved:-

that the Committee –

(1)        agree recommendations (a) to (e) and (g);

(2)        agree recommendation (f) except for the 27 July 2017 date, with that date to be amended to a suitable date in August 2017 if required, having taken account of the summer recess; and

(3)        agree that the Council will take all actions necessary to ensure the continuing solvency of AECC Ltd until such time as it has been wound up, including guaranteeing to meet all creditors falling legally due and by confirming that it will not seek the repayment of any share capital.

Councillor Nicoll, seconded by Councillor Jackie Dunbar moved as an amendment:-

that the Committee –

(1)        agree recommendations (a) to (e) and (g);

(2)        agree recommendation  ...  view the full minutes text for item 10