Agenda, decisions and minutes

There were no declarations of interest.

There were no petitions or requests to address the meeting.

To confirm as a correct record the Minutes of the meeting of the Committee held on 27 September 2023.

The Minutes of the meeting of the Committee held on 27 September 2023 were agreed as a correct record and signed by the Chairman.

To receive communications from the Chairman.

The Chairman had two announcements:

1.) Two private sessions would take place for Committee members after the meeting, the first with the Internal Audit Team and the second with the External Auditors.

2.) The Council’s Internal Audit and Counter Fraud Service was currently provided by Oxfordshire County Council. Oxfordshire County Council had chosen to end the arrangement and submitted 6 months written notice of termination of the agreement with arrangements for Internal Audit and Counter Fraud provided by the County Council coming to an end on 30 April 2024. The Chief Internal Auditor would still attend the May AARC meeting to present the Chief Internal Auditor’s annual report and opinion for 2023/24.

Officers would be considering the best option for provision of the Internal Audit and Counter Fraud functions at Cherwell District Council in the future.  The Committee would be further updated in due course.

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 meeting is recommended:

1.1         To note the Risk Monitoring Report for September 2023.

1.2         To note the Risk Management Strategy 2023 – 24 (appendix 2)

Resolved

(1)       That the Risk Monitoring Report for September 2023 be noted.

The Assistant Director of Customer Focus submitted a report that updated the Committee on how well the council was managing its Strategic Risks.

In introducing the report, the Performance and Insight Team Leader advised the Committee that there were no substantial changes.

Resolved

(1)       That the Risk Monitoring Report for September 2023 be noted.

Report of the Assistant Director of Finance and S151 Officer

Purpose of report

This report presents a summary of activity against the Annual Plan for the Counter-Fraud service at CDC for 2023/24, which was previously presented to the Accounts, Audit & Risk July 2023 committee. The Plan supports the Council’s Anti-Fraud and Corruption Strategy by ensuring that the Council has in place proportionate and effective resources and controls to prevent and detect fraud as well as investigate those matters that do arise.

Recommendations

The meeting is recommended to:

1.1         Comment and note the summary of activity against the Annual Counter Fraud Plan for 2023/24.

Resolved
 

(1)       That the summary of activity against the Annual Counter Fraud Plan for 2023/24 be noted.

The Assistant Director of Finance and S151 Officer submitted a report that presented a summary of activity against the Annual Plan for the Counter-Fraud service at CDC for 2023/24, which had previously been presented to the July 2023 meeting of the Committee. The Plan supported the Council’s Anti-Fraud and Corruption Strategy by ensuring that the Council had proportionate and effective resources and controls in place to prevent and detect fraud as well as investigate those matters that did arise.

Resolved
 

(1)          That the summary of activity against the Annual Counter Fraud Plan for 2023/24 be noted.

Verbal update by Ernst & Young

Resolved
 

(1)       That the verbal update be noted.

The External Auditor gave a verbal update and advised the Committee that most fieldwork was complete. Some follow up work was being undertaken including some queries to the technical team which, once resolved, should allow the conclusion of audit.

Resolved
 

(1)       That the verbal update be noted.

Report of the Assistant Director of Finance

Purpose of report

To receive information on treasury management performance and compliance with treasury management policy for 2023-24 as required by the Treasury Management Code of Practice.

All treasury management activities undertaken to date during the financial year 2023-24 complied with the CIPFA Code of Practice and the Council’s approved Treasury Management Strategy, and all Prudential Indicators were met during the reporting period.

Over the course of the year, there is an overall Treasury Management forecast underspend of £1.214m compared to the approved budget.

Recommendations

The meeting is recommended:

1.1         To note the contents of this Treasury Management Mid-Year Review Report.

Resolved
 

(1)       That the Treasury Management Mid-Year Review Report be noted.

The Assistant Director of Finance submitted a report that updated the Committee on treasury management performance and compliance with treasury management policy for 2023-24 as required by the Treasury Management Code of Practice.

In introducing the report, the Portfolio Holder for Finance advised that all treasury management activities undertaken to date during the financial year 2023-24 complied with the CIPFA Code of Practice and the Council’s approved Treasury Management Strategy, and all Prudential Indicators were met during the reporting period. Over the course of the year, there was an overall Treasury Management forecast underspend of £1.214m compared to the approved budget.

In response to Committee questions in relation to subsidiary companies, the Portfolio Holder for Finance explained that Graven Hill was a commercial business and published its accounts accordingly. The Shareholder Committee was responsible for monitoring the performance of Graven Hill.

In response to Members’ questions relating to internal and external borrowing, the Head of Finance explained that internal borrowing was when existing funds to finance the cash flow of the council’s capital expenditure rather than borrowing externally immediately for the programme which saved the council on interest charges.

The Head of Finance undertook to provide a written response on questions regarding the monitoring and dividends of shares invested in non-treasury funds, maturity structure of borrowing and capital expenditure grants.

Resolved
 

(1)       That the Treasury Management Mid-Year Review Report be noted.

Report of the Assistant Director of Law and Governance

Purpose of report

To review the Local Code of Corporate Governance. The code is part of the overall system of internal control at the Council and supports the provision of the Annual Governance Statement (AGS) which is approved annually by the Accounts, Audit and Risk Committee.

Recommendations

The meeting is recommended:

1.1       to approve the reviewed Local Code of Corporate Governance (Appendix 1).

Resolved
 

(1)       That the Local Code of Corporate Governance be agreed.

The Assistant Director of Law and Governance submitted a report to review of the Local Code of Corporate Governance. The Code was part of the overall system of internal control at the Council and supported the provision of the Annual Governance Statement (AGS) which was approved annually by the Accounts, Audit and Risk Committee.

Resolved
 

(1)       That the Local Code of Corporate Governance be agreed.

Report of the Assistant Director of Finance S151

Purpose of report

To update the Committee that the results of the Council’s forecast self-assessment position at February 2024 against the requirements of CIPFA’s Financial Management Code is continued strong compliance, demonstrating a resilient and sustainable approach to managing the Council’s funds.

Recommendations

The meeting is recommended to:

1.1         Note the Council’s forecast self-assessment position at February 2024 against the requirements of CIPFA’s Financial Management Code

Resolved
 

(1)       That the Council’s forecast self-assessment position at February 2024 against the requirements of CIPFA’s Financial Management Code be noted.

The Assistant Director of Finance submitted a report which updated the Committee on the results of the Council’s forecast self-assessment position at February 2024 against the requirements of CIPFA’s Financial Management Code. There was continued strong compliance, demonstrating a resilient and sustainable approach to managing the Council’s funds.

Resolved
 

(1)          That the Council’s forecast self-assessment position at February 2024 against the requirements of CIPFA’s Financial Management Code be noted.

To consider and review the Work Programme.

Resolved
 

(1)       That the Work Programme be noted.

The Head of Finance updated the committee on the work programme.

Resolved
 

(1)       That the Work Programme be noted.

There were no items of urgent business.