Meeting Minutes:
Finance and Governance
| Meeting Date: | Monday 23 May 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
Cllr Todd proposed Cllr Lloyd for Chairman
Members unanimously Resolved: Cllr Nick Lloyd as Chairman of the Finance and Governance Committee.
Cllr Todd proposed Cllr Sumner as Vice Chairman
Members unanimously, Resolved: Cllr S Sumner as Vice Chairman of the Finance and Governance Committee.
Apologies were received, noted and accepted from Cllrs Baker, Compton, and McGregor
Resolved: that the minutes of the Finance and Governance Committee meeting held on 21 March 2022 be duly signed by the Chairman as a true and accurate record of the meeting; pages 9695 -9696a.
Members received the end-of-year Balance sheet. It was noted had full Council meeting 9 May had received the audited end-of-year reports with the Annual Governance and Accountability Return (AGAR). The carried forward reserves/net asset balances were £1,165,722.59; represented as:
| BALANCES carried forward as of 31 March 2022 | |
| General Fund | 250,811.88 |
| CIL Funds - General | 83,934.46 |
| CIL Funds - Allocated | 472,795.00 |
| Earmarked Reserves (EMR) | |
| Cemetery | 1,000.00 |
| Election | 11,500.00 |
| Neighbourhood Plan | 15,000.00 |
| Depreciation Equipment & tools | 1,000.00 |
| 10/30 Year Building Plan | 80,117.00 |
| 10/30 Year Plan Open Spaces | 225,064.00 |
| Community Warden | 3,771.00 |
| Staff Reserves | 12,000.00 |
| Grants | 772.25 |
| Projects Carried Over | 7,957.00 |
| EMR Total | 358,18.25 |
| Total General and Earmarked Reserves | £1,165,772.59 |
The end-of-year 2021/22 actuals had been received by full Council (May). Members noted the budgeted comparisons 2021/22 closing figures: income £729,380.20; expenditure £655,668.49; with a surplus of £73,711.71 generated by a net increase in CIL funds (£20,521.84) delayed maintenance spend from the 10/30 Buildings and Open Spaces plans (£32,121.00), recruitment (£11,000) and ongoing projects (£7,957.00) with the remainder into General Reserves. P previous accounting anomalies now corrected; the general reserves were heading in the right direction helping to rebuild these back up to a healthy level following several years drawing down from the reserves.
Members, Ratified: the expenditure to the 30 April 2022.
Members, Resolved: the list of expenditure payments
Members, Ratified: the expenditure over £500 up to 30 April 2022
Members, Ratified: the income to the 30 April 2022.
Members received and, Resolved: the financial Income and Expenditure comparisons budget up to the 30 April 2022.
Members received and, Resolved: the Income and Expenditure Account to the 30 April 2022
Members received and, Resolved: the Consolidated Balance Sheet to the 30 April 2022.
Members received and, Resolved: the Financial Summary Report Cashbook to the 30 April 2022
Cllr Lloyd confirmed he had seen the reconciliation
Members Ratified: the Bank Reconciliation statements and Procurement Card statements for March and April 2022
Members, Ratified: the transfers into, out of and between bank accounts
Nothing to report.
The vehicles insurance is a saving of £500 on last year.
Members, Ratified: the vehicle insurance and expenditure of £1925.05.
It was noted that the 3-year agreement expires 2022. Comparison quotes from at least two other insurers would be obtained and presented to full Council (July).
Noted; publish date 1 June and would be on the website and noticeboards.
Members received the Internal Auditor’s (Keith Robertson) report, which had also been reported to full Council (May) meeting. There were no significant observations raised, noting that procedures had been improved and that the finances were now in a better position than previous years. The auditor had highlighted:
- how reserves were reported, and recommended that all I&E and all Reserves included when budgeting and generally reporting to be clearer
- consider an investment policy
- the Risk Register needed to be reviewed and updated
- some assets required insurance review
As part of the risk controls the auditor had also mentioned that for good practice invoices and bank reconciliations should be checked by different councillors and not the same three regular Members.
All Members at the meeting agreed to be available to check the monthly invoices and bank reconciliations.
A date was not proposed for the Internal Review.
Members unanimously, Resolved: to continue with the current membership of Cllrs Angela Baker, Michael Gemmell Smith, Alan Layland, Nick Lloyd, Margot McArthur (Committee Chair),Stuart McGregor, Bob Todd.
Members unanimously, Resolved: to make recommendation to full Council to adopt the amendments to the Standing orders items 5.1, 18 (procurement as per NALC updated model standing orders) and 19. The other recommendations were re internal procedures and typo
Members noted the change of date for the next meeting from 11 to 18 July, which would follow the Planning Committee meeting.