Agenda and minutes

To approve and sign as a correct record the Minutes of the meeting held on 14 December 2020 and to deal with any matters arising, attached.

RESOLVED: that the minutes for the Committee meeting on 14 December 2020 be approved and signed as a correct record.

Report of the Chief Financial Officer seeking approval of the assurance gathering process to support development of the 2020-21 Annual Governance Statement

The Committee considered the report of the Chief Financial Officer detailing the Annual Governance Statement 2020-21.  The Committee noted that the normal timeline for completing and approving the AGS was 31 July.  However amended deadlines had been applied due to the pandemic and it was anticipated that a revised deadline of the end of September 2021 may apply this year, although this was still to be confirmed.

RESOLVED:  that the assurance gathering process to support the development of the 2020-21 Annual Governance Statement as detailed in appendix 1 of the report be approved.

Report of the Service Director Finance seeking approval of the Council’s Treasury Management Strategy and Prudential Limits 2021/22 to 2024/25.

The Committee considered the report of the Service Director Finance (S151 Officer) seeking approval of the Treasury Management Strategy and Prudential Limits 2021/22 to 2024/25. 

The Committee particularly noted paragraph 10 of the report which detailed the core elements of the strategy.  In addition, the Committee stated that it would be helpful if information regarding the economic outlook could be more timely, as it rapidly became out of date during a national lockdown situation.

RESOLVED:

(i)  That the Council’s Treasury Management (TM) Strategy and Indicators for 2021/22 to 2024/25, as detailed in appendix 1 of the report be approved;

(ii)  That at the time of writing this report it was noted that it had been assumed that the budget proposals within the Medium Term Financial Strategy, Budget and Capital Programme 2021/22 to 2024/25 report, to be submitted to Council on the 24 February 2021, would be approved.  Should the recommendations change and have any impact on the Prudential Indicators this would be reported to Council on 24 February 2021;

(iii)  That authority continue to be delegated to the Chief Financial Officer (CFO) to approve any changes to the Prudential Indicators or borrowing limits that will aid good treasury management.  The CFO would report any amendments and in year revisions to the TM Strategy as part of quarterly financial and performance monitoring; and

(iv)  That the proposal to continue to explore an alternative Treasury Strategy to generate additional income that could support local services, whilst maintaining a prudent approach be endorsed.

The Committee received and noted the report of the Deputy Chief Executive detailing the latest governance position regarding projects and programmes outlined in the Corporate Plan 2020-25.

Some members questioned the adequacy of level of detail provided and sought clarity on the level of detail that could be provided in the future and the role of Governance versus scrutiny in examining the operational detail of individual projects.  It was agreed that the Chair would meet with the Deputy Chief Executive to clarify future expectations.

Report of the External Auditor detailing the Annual Letter 2019/20.

The Committee received and noted the report of the External Auditor detailing the Annual Audit Letter 2019-20 which summarised key findings from across the range of the auditor’s work and responsibilities under statute and the Code, in relation to the 2019-20 audit.

The Committee considered the report of the Service Director – Legal and Business Operations outlining proposed changes to the current Contract Procedure Rules and Officer Scheme of Delegation. 

The proposed changes were required to support the Council in achieving value for money from goods, services and works it procures, reflecting immediate changes to legislation arising as a result of exiting the European Union.

The Committee particularly noted paragraph 4 of the report which detailed the changes to Contract Procedure Rules thresholds and procedures and paragraph 7 which detailed alignment of rules with Council policies.

RESOLVED:  that the proposed amendments to the Contract Procedure Rules and Officer Scheme of Delegation be recommended to Council.