Agenda, decisions and minutes


Venue: Virtual meeting

Contact: Emma Faulkner, Democratic and Elections  Email: democracy@cherwell-dc.gov.uk, 01295 221953

Media

Items
No. Item

19.

Declarations of Interest

Members are asked to declare any interest and the nature of that interest which they may have in any of the items under consideration at this meeting.

Additional documents:

Minutes:

There were no declarations of interest.

20.

Minutes pdf icon PDF 202 KB

To confirm as a correct record the minutes of the meeting held on 29 September 2020.

Additional documents:

Minutes:

The Minutes of the meeting of the Committee held on 29 September 2020 were confirmed as a correct record, to be signed by the Chairman in due course.

21.

Chairman's Announcements

To receive communications from the Chairman.

Additional documents:

Minutes:

There were no Chairman’s announcements.

22.

Urgent Business

The Chairman to advise whether they have agreed to any item of urgent business being admitted to the agenda.

 

Additional documents:

Minutes:

There were no items of urgent business.

23.

Monthly Performance, Finance and Risk Monitoring Report pdf icon PDF 357 KB

Report of Director of Finance

 

Purpose of report

 

This report summarises Cherwell District Council’s (CDC’s) forecast revenue and capital outturn position for 2020/21 as at September 2020.

Recommendations

            

The meeting is recommended:

 

1.1      to note the contents of the report.

 

Additional documents:

Decision:

Resolved

 

(1)       That the forecast revenue and capital outturn position for 2020/21 as at September 2020 be noted.

Minutes:

The Committee considered a report from the Director of Finance that summarised Cherwell District Council’s forecast revenue and capital outturn position for 2020/21, as at September 2020.

 

The Assistant Director – Finance explained that this report was the first budget monitoring report since the in-year budget savings of £2.4 million had been agreed.

 

The Committee was advised that there was currently a projected underspend of £0.3 million. Although costs relating to Covid-19 had created an overspend of £3.4 million, this had been offset against a reduction in business as usual costs of £3.7 million.

 

In response to questions from the Committee, the Assistant Director – Finance advised that slippage for capital projects would be included as part of the out-turn report to Executive during the Financial year end process.

 

Resolved

 

(1)       That the forecast revenue and capital outturn position for 2020/21 as at September 2020 be noted.

24.

CIPFA Financial Management Code

A presentation from the Director of Finance on the recently introduced Financial Management Code, to bring the Committee up-to-date with its requirements.

Additional documents:

Decision:

Resolved

 

(1)       That the presentation on the CIPFA Financial Management Code be noted

Minutes:

The Committee considered a presentation from the Director of Finance, that gave details of the recently introduced Chartered Institute of Public Finance and Accountancy (CIPFA) Management Code.

 

CIPFA had developed the code in order to set out standards of financial management across local government, and to make it clear to Chief Financial Officers that the responsibility for good financial management sat with the entire Leadership Team of an authority, including senior officers and elected members.

 

The Code had also been introduced as a result of the financial difficulties faced by Northamptonshire County Council, which had led to the reorganisation of local government in Northamptonshire.

 

The Assistant Director – Finance explained that the code covered six key principles, with 17 standards broken down into seven sections – the responsibilities of the chief finance officer and leadership team; governance and financial management style; long to medium-term financial management; the annual budget; stakeholder engagement and business plan; monitoring financial performance; and external financial reporting.

 

The code required local authorities to prepare for the code during 2020/21, with full compliance expected during 2021/22. Local authorities could decide themselves how to monitor, report and scrutinise compliance with the code.

 

The Assistant Director – Finance explained that an early assessment of the requirements of the code had been undertaken. One area for improvement had been identified in relation to balance sheet monitoring.

 

In response to questions from the Committee, the Director of Finance said that there was not currently any reference to external auditors needing to audit against the code, however that could change.

 

Resolved

 

(1)       That the presentation on the CIPFA Financial Management Code be noted

25.

Review of Committee Work Plan pdf icon PDF 71 KB

To review the Committee Work Plan.

Additional documents:

Decision:

Resolved

 

(1)       That the work plan be noted.

Minutes:

The Committee considered the indicative work plan for 2020/21.

 

With regard to the December 2020 meeting of the Committee, the Director of Finance advised that the Council would not have received final details of the settlement figure, meaning that funding gap figures included in the Revenue and Capital proposals would still be assumptions.

 

Resolved

 

(1)       That the work plan be noted.