466-2008FINAL DCC 2007 Audit Report 30 Sep 2008

STATUTORY AUDIT REPORT to the LORD MAYOR AND MEMBERS on THE ACCOUNTS OF DUBLIN CITY COUNCIL FOR YEAR ENDED 31 DECEMBER 2007 DUBLIN CITY COUNCIL 1. Introduction Dublin City Council Audit Report 2007 Page 2 of 7 I have completed the statutory audit of the accounts of Dublin City Council for the year ended 31 December 2007 and have stated my audit opinion on the Annual Financial Statement (AFS) on page 8 of the Statement. I am issuing this report in accordance with section 120(1) of the Local Government Act 2001. Under Section 120(4) of this Act, I have considered the responses of the City Manager, to the matters raised in this report, and have recorded his responses after the relevant paragraphs. 2. Income and Expenditure Account Expenditure on this Account in 2007 amounted to €861.6m while income amounted to €889.1m, giving a surplus for the year, before transfers to reserves, of €27.5m. These transfers amounted to €22.4m in 2007, leaving an overall surplus for the year of €5.1m. The accumulated surplus on the account was €7.7m. Transfers to/from reserves are shown separately in the Income and Expenditure Account as required by the Accounting Code of Practice for local authorities. The net transfers of €22.4m included €5.6m in respect of the loan repayment and the lease ...