Issue - meetings

Report of Assistant Director – Customer Focus

Purpose of report

To update the committee on how well the council is managing its Strategic Risks.

Recommendations

The Accounts, Audit & Risk Committee resolves:

1.1     To note the Risk Monitoring Report for Year End 2024-25.

Resolved

(1)        That the Risk Monitoring Report for Year End 2024-25 be noted.

The Assistant Director Customer Focus submitted a report to update the Committee on how well the Council was managing its strategic risks.

In introducing the report, the Portfolio Holder for Corporate Services confirmed that there were no score changes in the Leadership Risk Register during the quarter. The Committee was advised that work was currently underway on a new risk management strategy that would help ensure that the Council was better prepared for external challenges such as the forthcoming business rates reset that the Government had proposed under the Fair Funding Review 2.0.

In response to a question regarding the impact of the proposed business rates reset on the Medium-Term Financial Strategy, the Portfolio Holder for Corporate Services explained that the proposed new business rates distribution model would have a serious impact on the Council’s funding with the Council projected to be the third worst affected council in England in terms of financial losses due to the changes. This was largely due to the successful strategies that the Council had implemented under the existing funding mechanism which had resulted in the receipt of high levels of funding. The Portfolio Holder for Corporate Services advised the Committee that work was being undertaken to mitigate the impact of the changes through schemes such as the transformation project.

Resolved

(1)        That the Risk Monitoring Report for Year End 2024-25 be noted.