Extraordinary Meeting of the Hawke's Bay Regional Council
Date: Thursday 13 October 2016
Time: 10.00am
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Venue: |
Council Chamber Hawke's Bay Regional Council 159 Dalton Street NAPIER |
Agenda
Item Subject Page
1. Welcome/Prayer/Apologies/Notices
2. Conflict of Interest Declarations
Decision Items
3. Adoption of the Audited 2015-16 Annual Report 3
Thursday 13 October 2016
SUBJECT: Adoption of the Audited 2015-16 Annual Report
Reason for Report
1. The purpose of this paper is for Council to resolve to adopt the 2015-16 audited Annual Report, and to authorise the signing of this report.
Background
2. The Annual Report was considered by Council on Wednesday 28 September 2016 and approved by Council except for the resolution of the issue covering the valuation of the carrying value of intangible assets in Hawke’s Bay Regional Investment Company Limited (HBRIC Ltd) and Hawke’s Bay Regional Council’s (HBRC) financial statements.
3. Council was advised at that meeting that HBRIC Ltd was working with Audit New Zealand to resolve this valuation issue, and Council resolved to set an extraordinary meeting of the current Council to be held prior to 18 October 2016. Subsequently this meeting was set for Thursday 13 October 2016.
Hawke’s Bay Regional Investment Company Ltd
4. The HBRIC Ltd Board approved the audited annual statements for year ending 30 June 2016 at its meeting on 3 October 2016. HBRIC Ltd’s group accounts, including the Port of Napier Ltd (Napier Port), have already been included in Council’s Annual Report.
Changes to the Annual Report from the Previous Version Council Approved
5. The following adjustments have been made to the Annual Report that is appended to this paper, from the version previously tabled at the Council meeting on 28 September 2016:
5.1. Issue: Resolution of the Carrying Value of Intangible Assets in HBRIC Ltd in HBRC’s Statements
This issue has been clarified and agreed to by Audit New Zealand under note 2 pg 123 (Summary of Significant Accounting Policies); note 12 pg 138-139 (intangible assets); note 13 pg 140 (other financial assets); and note 32 pg 173 (events after balance sheet date, parents and group). The additional paragraphs in these notes have been highlighted in the attached Annual Report.
Clarification of these notes are also referred to in the Chief Executive and Chairman’s report (pg2). Again, these are highlighted in the attached Annual Report.
5.2. Issue: Level of Service Statement – Regional Economic Development Strategy
The clarification of grant funding under Regional Business Partner, Research and Development had not been clarified for inclusion in the Annual Report as included in the papers on 28 September 2016. This clarification has been highlighted on page 24 of the Annual Report.
Audit of HBRC Annual Report
6. Discussions have been completed with Audit New Zealand and they have sighted all the proposed adjustments in the notes referred to above.
7. The proposed Audit Report to the Annual Report was in the process of being cleared by the Auditor General at the time of sending this paper and attachments to councillors. It is anticipated that the Audit Report will be available for tabling at this meeting.
Decision Making Process
8. Council is required to make every decision in accordance with provisions of Part 6, sub‑part 1 of the Local Government Act 2002 (the Act). Staff have assessed requirements of the Act in relation to this item and have concluded that as the Annual Report is a statutory report required to be adopted by Council no later than 31 October 2016 under Section 98 of the Act, the other decision making provisions do not apply.
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That Council adopts the audited 2015-16 Annual Report, under Section 98 of the Local Government Act 2002, and authorises the Chairman and Chief Executive to sign the Annual Report on behalf of Council. |
Authored by:
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Manton Collings Corporate Accountant |
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Approved by:
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Paul Drury Group Manager |
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2015-16 Audited Annual Report for Adoption |
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