Agenda, decisions and minutes

There were no declarations of interest

There were no petitions or requests to address the meeting.

There was no urgent business.

To confirm as a correct record the Minutes of the meeting of the Committee held on 17 September 2014.

The Minutes of the meeting of the Committee held on 17 September 2014 were agreed as a correct record and signed by the Chairman.

To receive communications from the Chairman.

There were no chairman’s announcements.

Report of the Head of Finance and Procurement

Purpose of report

To receive information on treasury management performance and compliance with treasury management policy for 2014-15 for Quarter 2 including an update for position as at 31 October 2014 as required by the Treasury Management Code of Practice.

To provide a review of the draft Treasury Management Strategy 2015-16

Recommendations

The meeting is recommended:

1.1     To note the contents of the Quarter 2 (Q2) Treasury Report

1.2     To note the draft Treasury Management Strategy 2015/16

Resolved

(1)       That the Quarter 2 (Q2) Treasury Report be noted.

(2)       That the draft Treasury Management Strategy 2015/16 be noted.

The Committee considered a report of the Head of Finance and Procurement which set out treasury management performance and compliance with treasury management policy for 2014-15 for Quarter 2 as required by the Treasury Management Code of Practice.

The Capita Director Treasury Solutions presented a comprehensive overview of the funding borrowing needs and Interest Rate Forecasts. The forecast of higher interest rates was highlighted to members and the Director Treasury Solutions Capita explained that borrowing funds earlier whilst the interest rate was lower even though it was not yet required could result in a lower amount to be repaid rather than waiting until funds were required as interest rates were expected to rise.

Members thanked the Director Treasury Solutions Capita for the training session that had been held prior to the meeting and her update to the meeting.

Resolved

(1)       That the Quarter 2 (Q2) Treasury Report be noted.

(2)       That the draft Treasury Management Strategy 2015/16 be noted.

Report of the Head of Finance and Procurement

Purpose of report

To allow Members to consider Ernst Young’s reports summarising their external audit work for 2013-14.

Recommendations

The meeting is recommended to:

1.1     To note the contents of the Annual Audit Letter

1.2     To note the contents of the Certification of Claims and Returns Annual Report

1.3     To note the contents of the Audit Scale Fee – late variation letter

1.4     To note the Ernst Young’s local government audit committee briefing.

Resolved

(1)       That the Annual Audit Letter be noted.

(2)       That the Certification of Claims and Returns Annual Report be noted.

The Committee considered a report of the Head of Finance and Procurement which summarised the External Audit work for 2013-14.

The External Audit Manager confirmed that one claim, Housing benefits grant had been certified in 2013/14 and reports from third parties had been received with no issue.

Resolved

(1)       That the Annual Audit Letter be noted.

(2)       That the Certification of Claims and Returns Annual Report be noted.

Report of the Head of Finance and Procurement

Purpose of report

To receive the PwC Internal Audit Progress Report.

Recommendations

The meeting is recommended to:

1.1     Consider and note the contents of the Progress Report.

Resolved

(1)          That the Report be noted.

The Committee considered a report of the Head of Finance and Procurement which sought consideration of Internal Audit report which summarised their internal audit work to date.

Resolved

(1)          That the Report be noted.

Report of Head of Transformation and Corporate Performance Manager

Purpose of report

To update the Committee on the management of Strategic, Corporate and Partnership Risks during the second quarter of 2014/15 and highlight any emerging issues for consideration.

Recommendations

The meeting is recommended to:

1.1     review the second quarter Strategic, Corporate and Partnership Risk Register and identify any issues for further consideration.

Resolved

(1)          That the report be noted

The Committee considered a report of the Head of Transformation and Acting Corporate Performance Manager on the management of Strategic, Corporate and Partnership Risks during the second quarter of 2014/15 and highlighted any emerging issues for consideration.

In introducing the report, the Acting Corporate Performance Manager explained that Bicester Garden City would be placed on the register at the appropriate time.

Resolved

(1)          That the report be noted

Verbal Update of Head of Finance and Procurement.

Resolved

(1)          That the verbal update be noted.

The Committee considered a verbal update from the Head of Finance and Procurement on Anti-Fraud and Corruption plus Whistle Blowing.

The Head of Finance and Procurement informed members that there were no cases of whistle blowing to report and that a fraud case recently presented at court would receive sentencing later in the week.

Resolved

(1)          That the verbal update be noted.