Agenda and minutes

There were no declarations of interest made in accordance with the Code of Conduct.

To confirm as a correct record the Minutes of the meeting of Audit Committee held on 23 July 2018

RESOLVED:  That the Minutes of the meeting of the Audit Committee held on 23 July 2018 be approved as a correct record and signed by the Chairman.

The revised Guidance and Codes impose additional requirements on local authorities aimed to address concerns arising from the commercialism agenda, in particular, the use of loans and the purchase of property to generate a profit.

The report of the Director of Finance and Transformation gave details of the additional requirements imposed on local authorities through revised statutory guidance and codes of practice.  These were aimed at addressing concerns arising from the commercialism agenda, in particular the use of loans and the purchase of property to generate a profit. 

RESOLVED:  That the Cabinet be recommended to

(1)                note the new requirements and disclosures contained in the Statutory Guidance on Local Government Investments 2018 Edition set out at Annex 1 to the report;

(2)                readopt the four clauses to be formally adopted, as set out in the Code and reproduced at Annex 2 to the report;

(3)                readopt the Treasury Management Policy Statement, as set out in the Code and reproduced at Annex 3to the report;

(4)                note the new statement pertaining to investments that are not part of treasury management activity, reproduced at Annex 4 to the report;

(5)                note the additional paragraphs to be added to the Council’s Treasury Management Practices, as set out at Annex 5 to the report;

(6)                note the additional paragraphs to be added to the Council’s Capital Strategy, as set out at Annex 6 to the report; and

(7)                note the prudential indicators set out at Annex 7 to the report.

The report provides an update on treasury management activity undertaken during April to August of the current financial year.  A mid-year review of the Treasury Management and Annual Investment Strategy for 2018/19 is also included in this report.

The report of the Director of Finance and Transformation provided an update on treasury management activity undertaken during the period April to August 2018.  It also included an update on progress in securing additional property fund investment and a mid-year review of the Annual Investment Strategy and risk parameters. 

RESOLVED:  That the Cabinet be recommended to

(1)          endorse the action taken by officers in respect of treasury management activity for the period April to August 2018;

(2)          note the £5 million in property fund investments undertaken since June 2017; and

(3)          retain the existing parameters intended to limit the Council’s exposure to investment risks.

The report provides an update on the work of both the Internal Audit function and the Counter Fraud function for the period April to August 2018.

The report of the Chief Audit Executive provided an update on the work of the Internal Audit and Counter Fraud functions for the period April to August 2018. 

RESOLVED:  That the report be received and noted.

The purpose of the report is to inform Members of the receipt of the Annual Audit Letter for the year ended 31 March 2018.

The report of the Director of Finance and Transformation set out details of the key messages contained in the Annual Audit Letter for the year ended 31 March 2018.

RESOLVED:  That the report be received and noted.

A progress report and update from Grant Thornton on emerging national issues and developments that may be relevant to the local authority.

The report of the Director of Finance and Transformation provided an update from external auditors, Grant Thornton, on emerging national issues and developments relevant to Tonbridge and Malling Borough Council.

RESOLVED:  That the report be received and noted.

The Chairman to move that the press and public be excluded from the remainder of the meeting during consideration of any items the publication of which would disclose exempt information.

The Chairman moved, it was seconded and

RESOLVED:  That as public discussion would disclose exempt information, the following matters be considered in private.

LGA 1972 Sch 12A Paragraph 3 – Financial or business affairs of any particular person

The report serves to inform Members as to the nature and volume of liability and property damage insurance claims submitted during the period April 2018 – August 2018.

(LGA 1972 Sch 12A Paragraph 3 – Financial or business affairs of any particular person)

The Director of Finance and Transformation reported on the nature and volume of liability and property damage insurance claims submitted during the period April 2018 to August 2018.

RESOLVED:  That the report be received and noted.