Meeting Agenda:
Finance and Governance
| Meeting Date: | Monday 24 Jan 2022 |
|---|---|
| Time: | 19:30 |
| Councillors | Jon Aldridge, Angela Baker, Sarah Compton, Alan Damodaran, Michael Gemmell Smith, Alan Layland, Nick Lloyd Chairman, Stuart McGregor, Stephen Sumner Vice-Chairman, Bob Todd. |
| Committee: | Finance and Governance |
| Venue: | Rickards Hall. 72a High Street Edenbridge, TN8 5AR Kent |
| Notes: | |
| Summary: |
Agenda
Minutes
The disclosure must include the nature of the interest. If an interest becomes apparent to a member during the course of a meeting that has not been disclosed under this item, the member must immediately disclose it.
To approve the Financial Income and Expenditure Statements as of the 31 October 2021
Do Members ratify the above report?
| 5.1 Invoiced Expenditure Transactions |
Do Members ratify the above report?
| Confidential Annex Omitted from Papers. |
Do Members ratify the above report?
| 5.3 Paid Expenditure over £500.00 |
Do Members ratify the above report?
| 5.4 Received Income Transactions |
Do Members ratify the above report?
| 5.5 Financial Budget Comparison |
The current assets balances with the cashbook (£1,289,760.01), However, there is an anomaly of £103.95 with the Net Assets on the Consolidated Balance, which EDGE (The Software Company) are investigating.
Do Members ratify the above report?
| 5.6 Consolidated Balance Sheet |
Do Members ratify the above report?
| 5.7 Financial Summary - Cashbook |
Do Members ratify the above report?
| 5.8 Bank and Investment Accounts |
Do Members ratify the above report?
| 5.9 Bank Account Transfers |
Nothing to report.
The Council has submitted the Precept request to Sevenoaks District Council for £656,364.00. Once this has been agreed we will distribute between the Budget codes.
The Council's Standing Orders were reviewed in 2020 and reflect the NALC model ones. However, a query was recently raised when a ‘recorded vote’ was requested.
The Standing Orders currently says: Unless standing orders provide otherwise, voting on a question shall be by a show of hands. At the request of a councillor, the voting on any question shall be recorded so as to show whether each councillor present and voting gave his vote for or against that question. Such a request shall be made before moving on to the next item of business on the agenda (3s).
This reflects the LGA 1972 sch 12, para 29: On the requisition of any member of the council the voting on any question shall be recorded so as to show whether each member present and voting gave his vote for or against that question.
In my experience, I have seen votes recorded numerically, as well as named. My understanding has been a recorded vote is numerical (for:against), and a named vote needs to be specifically requested. The above is slightly ambiguous to allow for this.
This has been checked with the Monitoring Officer at SDC. He has confirmed that the parish and town councils Standing Orders confirm the constitutional provisions councils. These do sometimes differ to that which applies the District Councils.
Below is a suggested amendment to the Council’s Standing Orders. Alternatively, this matter could be referred to KALC to comment.
Suggested amendment (in blue):
3.s. Unless standing orders provide otherwise, procedures for voting will be:
i. voting on a question shall be by a show of hands.
ii. Recorded vote: At the request of a councillor, the voting on any question shall be recorded so as to show whether each councillor present and voting gave his vote for or against that question. Such a request shall be made before moving on to the next item of business on the agenda.
iii. The right for individually named votes to be recorded should be stated at the time of the request for recorded vote, as in standing order 3s ii.
Do Members support the suggested amendment to the Standing Orders 3s on recorded votes and to make recommendation to full Council?
| ETC Current Standing Orders |
The Lloyds Bank account was set-up when the Natwest branch closed in Edenbridge and as a second account in case one bank had a system issue which may delay payments. However, with the advances with online banking and coupled with Lloyds no-longer in Edenbridge and this account holds £128,667.40, and this earns no interest. It is proposed to close this account and transfer the funds to the Barclays reserve account.
Do Members support the proposal to close Lloyds Banks account and make recommendation to full Council?
In February 2020 the Committee received a presentation by CCLA and subsequently opened two Public Sector Deposit Fund (PSDF) accounts (one for Council and one for CIL). The CIL PSDF account holds £100k; last interest rate 0.0341%. The Barclays CIL holds £466,786.61; last interest rate 0.01% of the CIL funds, and the Barclays CIL account. The CCLA and PSDF accounts spreads investment risk as the money is not invested with only bank or investment, it is an investment fund. Having the CIL funds in the one account/investment fund would provide more clarity. The PSDF also offers more reliable interest rates (although current climate has affected all investment accounts).
Do members support the proposal to transfer the balance of the CIL funds from the Barclays CIL account to the CIL PSDF account and make recommendation to full Council?
The CIL interest is currently recorded under the CIL budget and not as part of Council budget. The advice previously received from SDC was that any interest from CIL monies could be paid to the Council; this is currently being reconfirmed with SDC and response is expected. The proposal (subject to SDC confirmation) is to record the interest for CIL under Central Services income.
Do members support CIL interest to be recorded as Council income under Central Services income?
The budget codes under Central Services currently have 5 different main codes 205, 225, 226, 227,228. The proposal is to have one code on the budget showing all interest received, with sub- headings so that a detailed report can then be provided as needed.
Do Members support one interest code on the budget under Central Services, with sub-headings?
Letters have been received from, The Edenbridge Repair Café and Edenbridge Volunteer Transport Service for the Grants that they have received.
21 March 2022