Agenda and decisions

Finance, Audit and Risk Committee - Wednesday, 25th January, 2023 7.30 pm

Venue: Council Chamber, District Council Offices, Gernon Road, Letchworth

Contact: Committee Services - 01462 474655  Email: Committee.Services@north-herts.gov.uk

Media

Items
No. Item

1.

APOLOGIES FOR ABSENCE

Members are required to notify any substitutions by midday on the day of the meeting.

 

Late substitutions will not be accepted and Members attending as a substitute without having given the due notice will not be able to take part in the meeting.

Decision:

Apologies for absence were received from Councillors Clare Billing and Phil Weeder[1].

 

Having given due notice Councillor Nigel Mason substituted for Councillor Clare Billing.

 



[1] Apologies for absence regarding Cllr Weeder were submitted prior to the meeting, but not announced as notification was not sent to the appropriate Team email address.

 

2.

MINUTES - 7 DECEMBER 2022 pdf icon PDF 368 KB

To take as read and approve as a true record the minutes of the meeting of the Committee held on the 7 December 2022.

 

Decision:

RESOLVED:That the Minutes of the Meeting of the Committee held on 7 December 2022 be approved as a true record of the proceedings and signed by the Chair.

3.

NOTIFICATION OF OTHER BUSINESS

Members should notify the Chair of other business which they wish to be discussed at the end of either Part I or Part II business set out in the agenda. They must state the circumstances which they consider justify the business being considered as a matter of urgency.

 

The Chair will decide whether any item(s) raised will be considered.

Decision:

The Chair advised that there was a SIAS training session by Chris Wood for Members, once the formal meeting had closed.

 

4.

CHAIR'S ANNOUNCEMENTS

Members are reminded that any declarations of interest in respect of any business set out in the agenda, should be declared as either a Disclosable Pecuniary Interest or Declarable Interest and are required to notify the Chair of the nature of any interest declared at the commencement of the relevant item on the agenda.  Members declaring a Disclosable Pecuniary Interest must withdraw from the meeting for the duration of the item. Members declaring a Declarable Interest, wishing to exercise a ‘Councillor Speaking Right’, must declare this at the same time as the interest, move to the public area before speaking to the item and then must leave the room before the debate and vote.

Decision:

A.    The Chair advised that, in accordance with council policy this meeting was being recorded and the recordings would be available on Mod Gov or via the Council’s YouTube Channel.

 

B.    The Chair reminded Members that they must make declarations of interest before an item, the detailed reminder about this and speaking rights was set out under Chair’s announcements in the Agenda.

 

C.   The Chair advised for purposes of clarification that 4.8.23(a) of the constitution did not apply to this meeting. Therefore, a Member may leave the room during the debate and consideration of that item and be able to vote. However, the Chair asked Members to be mindful of the business and wherever possible to leave at an appropriate point in proceedings.

 

5.

PUBLIC PARTICIPATION

To receive petitions, comments and questions from the public.

Decision:

There was no public participation at this meeting.

 

6.

FINAL REVENUE BUDGET 2023/24 pdf icon PDF 478 KB

REPORT OF THE SERVICE DIRECTOR – RESOURCES


To consider the Final Revenue Budget 2023/24.

Additional documents:

Decision:

RECOMMENDED TO CABINET:

 

That Cabinet recommends that Council:

 

1.    Notes the position on the Collection Fund and how it will be funded.

 

2.    Notes the position relating to the General Fund balance and that due to the risks identified a minimum balance of £2.5 million is recommended.

 

3.    Notes the net revenue savings that are likely to be required in future years, combined with the Chief Finance Officer’s commentary on the reliability of estimates and the resilience index.

 

4.    Approves the revenue savings and investments as detailed in Appendix B.

 

5.    Approves a net expenditure budget of £18.123m, as detailed in Appendix C.

 

6.    Approves a Council Tax increase of 2.99%, which is in line with the provisions in the MediumTerm Financial Strategy.

 

REASONS FOR DECISIONS:

 

To ensure that all relevant factors are considered in arriving at a budget and Council Tax level for 2023/24. To ensure that the budget is aligned to Council priorities for 2023/24 as set out in the Council Plan.

 

 

 

7.

INVESTMENT STRATEGY (INTEGRATED CAPITAL AND TREASURY) pdf icon PDF 264 KB

REPORT OF THE SERVICE DIRECTOR – RESOURCES


To consider the Investment Strategy and recommend to Council the adoption of the Investment Strategy.

Additional documents:

Decision:

RECOMMENDED TO CABINET:

 

That Cabinet recommends that Council approve the adoption of:

 

1.    the Investment Strategy (as attached at Appendix A), including the capital programme and prudential indicators.

 

2.    the four clauses in relation to the Code of Practice on Treasury Management (as detailed in paragraphs 8.11 to 8.16).

 

REASONS FOR DECISIONS:

 

1.    To ensure that the capital programme meets the Council’s objectives and officers can plan the implementation of the approved schemes

 

2.    To ensure the Council’s compliance with CIPFA’s code of practice on Treasury Management, the Local Government Act 2003, statutory guidance from the Department of Levelling Up, Housing and Communities (DLUHC) and the CIPFA Prudential Code. As well as determining and managing the Councils risk appetite in respect of investments.

 

8.

POSSIBLE AGENDA ITEMS FOR FUTURE MEETINGS

The Chair to lead a discussion regarding possible agenda items for future meetings.

Decision:

The Chair led a discussion regarding possible agenda items for future meetings. Property Investment and the Churchgate project (when considered an appropriate time for the Committee to consider the project) were discussed as future agenda items.  Immediately before the next meeting there would be a training session delivered on the Statement of Accounts.

The Chair requested that, should any Members have any suggestions for agenda items for future meetings, they advise himself, relevant officers or the Committee, Member and Scrutiny Team.