Agenda and draft minutes

To sign and confirm the minutes of the last meeting.

The minutes of the previous meeting held 5^th December 2022 was agreed and signed by the Chairman.

To receive apologies for absence.

Apologies of absence were received from Councillor Richard Austin and John Medler, Monitoring Officer

To receive declarations of interests in respect of any item on the agenda.

None

To answer any written questions received from members of the public no later than 5 p.m. two clear working days prior to the meeting – for this meeting the deadline is 5 p.m. on ………………..

None

(A verbal update from John Medler, Monitoring Officer)

No update was required at this meeting.

(A report by Suzanne Rolfe, Insight & Transformation Manager)

Due to technical issues this item was differed to the next meeting.

(A report by Matthew Waller, Internal Audit Manager)

The Internal Audit Manager presented the latest Internal Audit Progress Report.

The Internal Audit Manager updated Members on the following areas;

• Claire Goodenough has been appointed as Head of Audit and Risk Management at the County Council – heading up the Assurance Lincolnshire Partnership.

RESOLVED:

That the Committee note the report.

(A report by Mark Surridge, Director – Public Services, Mazars)

Jon Machej, Manager – Mazars presented a report which contained the Audit Planning Update and Progress Report.

Mr Machej explained that Mazars were currently unable to formally close the report due to the NAO withholding the 2021/22 accounts. It was confirmed that 12% of the Audit had not been signed off. It was explained that the delays are resulting from the Pandemic, since which slippage and delay have occurred.

In response to Members questions relating to the price increase of the Audit, the Assistant Director – Finance confirmed that, following the procurement process, new Auditors have been arranged for the new year.

RESOLVED:

That the Committee note the report.

(A report by Sean Howsam, Interim Treasury Manager)

The Interim Treasury & Investments Manager PSPS presented a report which included the Treasury Management Policy and Draft Strategy Statement for the 2023/24 financial year and was included as part of the Budget Setting Report that would be submitted to Council for approval.

The Council was required to operate a balanced budget, which broadly meant that cash raised during the year would meet cash expenditure. Part of the treasury management operation was to ensure that the cash flow was adequately planned, with cash being available when it was needed. Surplus monies were invested in low risk counterparties or instruments commensurate with the Council’s low risk appetite, providing adequate liquidity initially before considering investment return.

The second main focus of the treasury management service was the funding of the Council’s capital plans. These capital plans provided a guide to the borrowing need of the Council, essentially the longer-term cash flow planning, to ensure that the Council could meet its capital spending obligations. This management over longer-term cash may involve arranging long or short-term loans or using longer-term cash flow surpluses. On occasion, when it would be prudent and economic, any debt previously drawn may be restricted to meet Council risk or cost objectives.

In response to Member’s questions the Interim Treasury & Investment Manager PSPS explained that if the Sovereign rating falls below an AA- the Council would no longer invest in that Country, with the exception being the UK. 

RESOLVED:

That the Committee note the report.

(A report by Christine Marshall, Deputy Chief Executive (Corporate Development ), & S151)

The Deputy Chief Executive Corporate Development presented the Budget Overview 2023/24 and Draft Budget, which set out the draft budget including the areas pressure that would be considered as part of this year’s budget setting process, the detail of the Council’s Provisional Funding Settlement and the proposed level of Council Tax for 2023/24.

It was agreed that an all Member Briefing would be held to allow Members to fully understand the Budget. At which officers would explain the Budget in more detail and Members would receive a further finalised version of the Draft Budget which was had been delayed due to unforeseen circumstances. The Briefing would be held before the next Cabinet meeting.

Following Member questions the Deputy Chief Executive Corporate Development explained that the Council were awaiting a decision from Government in relation to the Internal Drainage Board Levy.

The Committee thanked the Finance team for the detailed presentation and the work put into the budget. 

RESOLVED:

That the Committee endorse and Support the Budget – Recognising this as the best outcome for the current circumstances.

The lay member agreed with this decision. 

(For Members to consider the Committee’s work programme.)

Members agreed to move the next meeting, previously arranged for the 20^th March to the 13^th March.