Finance and Governance — 16 December 2019
Meeting Agenda
| Meeting Date: | Monday 16 Dec 2019 |
|---|---|
| Time: | 20:30 |
| Councillors | Angela Baker, Alan Damodaran, Alan Layland, Nick Lloyd Chairman, Margot McArthur, Stuart McGregor, John Scholey, Bob Todd. |
| Committee: | Finance and Governance |
| Venue: | Rickards Hall. 72a High Street Edenbridge, TN8 5AR Kent |
| Notes: | |
| Summary: |
Agenda
Minutes
The Minutes are not currently available.
including any interests not already registered
Cllr Lloyd has been working with the clerk and RFO preparing a draft Budget for the Council for 2020/21. The draft Budget will be presented to the Finance Committee at the meeting.
Do members accept the Draft Budget and recommend it be presented to Council for ratification?
The Internal Auditor wrote to Cllr Layland to tender his resignation as of 31 March 2020. The Clerk and RFO will obtain quotes for a replacement auditor, which will be presented the February Finance Committee meeting. If any councillor has a recommendation, please liase with the Clerk or RFO so that the Council can approach them for a quote also.
Do members accept the resignation, and are there any recommendations?
Following the decision at November Finance Committee meeting, the RFO contacted CCLA and has arranged for a presentation on investments at 6.30pm on Monday 17 February 2020, before the next Finance Committee meeting.
Barclays have advised that as of 1 January all standard interest rates will be reducing.
The rates will be as follows:
Balance Current rate New rate
Less than £100k 0.2% 0.1%
Less than £1m 0.3% 0.2%
These rates apply to the CIL funds and Reserves account.
The Council has an investment of £200,000 due to mature on 9 January 2020 which could be reinvested. The anticipated expenditure for the next 4 months is attached. A £50,000 investment will be maturing on 13 February 2020. There is sufficient for the Council to operate up to and beyond this date when the situation can be reviewed again. Rates for investments have reduced and can vary from day to day. Lloyds rates at the time of writing are as follows, but cannot be guaranteed.
0.7% investments for 3 months
0.75% investments for 6 months
1.05% investments for 12 months
The Clerk has received and sent a number of emails regarding this matter. At the time of writing a response is awaited from the insurers. Members will be updated at the meeting.