Agenda and minutes

Audit Committee
Tuesday 5th January 2021 2.00 pm

Venue: Remote

Contact: David Acton  Democratic Services

Items
No. Item

1.

Apologies

Minutes:

Mr Evans Mbajah tended his apologies.

2.

Declarations of Interest

To receive declarations of interest from Members

Minutes:

There were no declarations of interest from Members.

3.

Questions and Deputations

To answer questions, if any, asked by any resident of the Borough pursuant to Standing Orders.

Minutes:

No questions or deputations were submitted.

4.

Minutes pdf icon PDF 197 KB

To receive the minutes of the previous meeting.

Minutes:

The minutes of the meeting held on 2nd November 2020 were confirmed as a true record.

5.

Verbal Update from the External Auditor

To receive a verbal update from the External Auditor.

Minutes:

The external auditor advised that the Pension Fund accounts had been signed off, as per the timescale, which compared favourably with just 55% of local authorities nationally.

The annual audit letter was being prepared.

The Housing Benefit Grants scheme had an extended deadline to 31 January 2021, as did work on the pooling of Housing Capital Receipts.

6.

Treasury Management Strategy 2021/22 to 2030/31 pdf icon PDF 164 KB

To formally recommend that Full Council approves the Treasury Management Strategy (Appendix A) for 2021/22 to 2030/31 including Treasury and Prudential indicators.
1.2 To note the extract from the Corporate Capital Strategy 2021/22 to 2030/31 (Appendix B) in relation to a number of further Prudential Indicators and the Minimum Revenue Provision (MRP) Policy Statement which Full Cabinet, at its meeting on the 11th February will be asked to recommend to Full Council for approval.

Additional documents:

Minutes:

The Treasury and Corporate Accountant invited Members to consider the Treasury Management Strategy for 2021/22 to 2030/31 including Treasury and Prudential Indicators. The Treasury Management Strategy covered a number of areas including:-

(1)the current treasury position and borrowing structure;

(2)debt and investment projections;

(3)limits to borrowing activity;

(4)prospects for interest rates;

(5)borrowing and debt strategy;

(6)limits on treasury management activity;

(7)investment strategy 2021/22-2030/31

(8)investment counterparty selection criteria;

(9)treasury performance indicators

(10)scheme of delegations;

(11)policy on the use of external service providers;

(12)member and officer training;

(13)use of brokers; and

(14)car loan scheme.

The Accountant also drew Members attention to the extract from the Corporate Capital Strategy 2021/22-2030/31 in relation to a number of further Prudential Indicators and the Minimum Revenue Provision (MRP) Policy Statement.

RESOLVED

The Committee recommend that Full Council approves:-

1.  The Treasury Management Strategy 2021/22 to 2030/31 (Appendix A) including the Debt and Investment Strategy and Treasury and Prudential indicators contained within and specifically;

2.  The Authorised Limit Prudential Indicator detailed within paragraph 3.2.2 of Appendix A;

3.  The further Prudential Indicators for 2021/22 to 2030/31 contained within the extract from the Corporate Capital Strategy 2021/22 to 2030/31 (Appendix B); and

4.  The Minimum Revenue Provision (MRP) Policy Statement contained within the extract from the Corporate Capital Strategy 2021/22 to 2030/31 (Appendix B).

7.

EXCLUSION OF THE PRESS AND PUBLIC

That pursuance of section 100A(4) of the Local Government Act 1972, the press and public be now excluded from the remainder of the business to be transacted, on the grounds that there would be disclosure to them of exempt information in terms of Schedule 12A to the said Act.

Minutes:

The Chairman did move that the press and public be now excluded from the remainder of the business to be transacted, on the grounds that there would be disclosure to them of exempt information as defined in Schedule 12A to the Local Government Act 1972.

8.

Minutes

To receive the private minutes of the previous meeting.