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Agenda and minutes

Venue: online via Microsoft Teams

Contact: Democratic Services  Email: committee.services@tmbc.gov.uk

Link: View Meeting

Items
No. Item

PART 1 - PUBLIC

AU 20/29

Declarations of interest pdf icon PDF 3 KB

Minutes:

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

AU 20/30

Minutes pdf icon PDF 317 KB

To confirm as a correct record the Minutes of the meeting of Audit Committee held on 27 July 2020

Minutes:

RESOLVED:  That, subject to the amendment of the final paragraph of Minute AU 20/15 to read that ‘At the end of May, 91% had been distributed’ when referring to the £18.7M Government funding, the Minutes of the meeting of the Audit Committee held on 27 July 2020 be approved as a correct record and signed by the Chairman.

Matters for Recommendation to the Cabinet

AU 20/31

Treasury Management Update and Mid-Year Review pdf icon PDF 308 KB

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 2020/21 is also included. 

Additional documents:

Minutes:

The report of the Director of Finance and Transformation provided an update on treasury management activity undertaken during April to August of the current financial year within the context of the national economy.  A mid-term review of the Treasury Management and Annual Investment Strategy for 2020/21 was also presented.

 

The report provided a commentary on investments derived from cash flow surpluses, core cash balances and other long term cash balances and the additional pressure placed on the Council’s finances by the pandemic was noted.  A full list of investments held on 31 August 2020 was set out at Annex 1 to the report. 

 

RECOMMENDED:  That the following be commended to the Council:

 

(1)             the action taken by officers in respect of treasury management activity for April to August 2020 be endorsed; and

 

(2)             the existing parameters intended to limit the Council’s exposure to investment risks be retained.

*Referred to Cabinet

 

Decisions taken under Delegated Powers in accordance with Part 3 of the Constitution (Responsibility for Council Functions)

AU 20/32

Risk Management pdf icon PDF 117 KB

The report provides an update on the risk management process and The Strategic Risk Register

Additional documents:

Minutes:

The report of the Management Team provided an update on the risk management process and the Strategic Risk Register.  Members were reminded that a number of risks on the Strategic Risk Register had been re-categorised as RED as a result of the Covid-19 pandemic and noted that, while work to assess and determine how the Council might best address the increased risk, it would be some time before the full extent of the impact would be understood.

 

RESOLVED:  That the updates to the Strategic Risk Register be noted.

AU 20/33

Statement of Accounts 2019/20 and External Auditors Report on the outcome of the Audit of Accounts pdf icon PDF 141 KB

The report presents the current set of Accounts for 2019/20 in the format specified by the Code of Practice for Local Authority Accounting in the United Kingdom.  Members are invited to endorse and approve the Statement of Accounts and the supplemental Audit Findings Report.

 

The following documents to be provided as supplementary papers:

Audited Set of Accounts; Audit Findings Report; and Letter of Representation

 

Additional documents:

Minutes:

The report of the Director of Finance and Transformation presented an audited set of Accounts for 2019/20 in the format specified by the Code of Practice on Local Authority Accounting in the United Kingdom. 

 

The Committee was reminded that responsibility for approval of the Statement of Accounts was delegated to the Audit Committee under the Council’s constitutional arrangements and advised that the external auditor’s report on the outcome of the audit of Accounts had been circulated as a supplemental report together with the proposed Letter of Representation to be countersigned by the Chairman. 

 

RESOLVED:  That

 

(1)       the audited set of Accounts for 2019/20, as set out at Annex 1, be received and the Chairman of the Audit Committee be authorised to sign the Accounts in the appropriate place;

 

(2)       the Audit Findings Report on the outcome of the audit of the Statement of Accounts for 2019/20 be approved; and

 

(3)       the Chairman of the Audit Committee and the Director of Finance and Transformation be granted delegated authority to countersign the Letter of Representation when Grant Thornton issue their opinion. 

Matters submitted for Information

AU 20/34

Internal Audit and Counter Fraud Update pdf icon PDF 200 KB

Update of the work of the Internal Audit and Counter Fraud functions for the period April to August 2020

Additional documents:

Minutes:

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 2020.

 

RESOLVED:  That the report be received and noted.

 

AU 20/35

Grant Thornton Progress Report and Sector Update pdf icon PDF 21 KB

Progress report and update from Grant Thornton on emerging national issues and developments relevant to the Borough Council. 

Additional documents:

Minutes:

The report of the Director of Finance and Transformation introduced the Audit Progress Report and Sector Update prepared by Grant Thornton on emerging national issues and developments relevant to the Borough Council.  Mr Paul Dossett, Engagement Lead, presented the reports and answered questions raised by Members.

 

RESOLVED:  That the report be received and noted.

 

AU 20/36

Exclusion of Press and Public pdf icon PDF 4 KB

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.

Minutes:

The Chairman moved, it was seconded and

 

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

PART 2 - PRIVATE

Matters submitted for Information

AU 20/37

Insurance Claims History

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

 

This report provides information on the nature and volume of liability and property damage insurance claims submitted during the period April to August 2020.

Minutes:

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

 

The report of the Director of Finance and Transformation informed Members as to the nature and volume of liability and property damage insurance claims submitted for the period April 2020 to August 2020. 

 

RESOLVED:  That the report be received and noted.