Meeting Minutes:
Finance and Governance
| Meeting Date: | Monday 18 Jul 2022 |
|---|---|
| Time: | 20:00 |
| 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
Apologies were received, noted and accepted from Cllrs Baker, Gemmell Smith, and Todd
Resolved: that the minutes of the Finance Committee meeting held on 23 May 2022 be duly signed by the Chairman as a true and accurate record of the meeting; pages 9732 -9734.
Members, Ratified: the expenditure to the 30 June 2022.
Members, Resolved: the list of expenditure payments
Members, Ratified: the expenditure over £500 up to 30 June 2022.
Members, Ratified: the income to the 30 June 2022
Members received and, Resolved: the financial Income and Expenditure comparisons budget up to the 30 June 2022.
Members received and, Resolved: the Income and Expenditure Account to the 30 June 2022.
Members received and, Resolved: the Consolidated Balance Sheet to the 30 June 2022.
Members received and, Resolved: the Financial Summary Report Cashbook to the 30 June 2022
Cllrs Lloyd and Sumner confirmed they had seen the reconciliations.
Members Ratified: the Bank Reconciliation statements and Procurement Card statements for May and June 2022.
Members, Ratified: the transfers into, out of and between bank accounts
Nothing to report
19:34 Cllr Compton left the meeting and returned 19:36
Members had received a paper and spreadsheet from the Town Clerk summarising two insurance quotes against current policy cover. Both provided £10m public and employers liability, the buildings cover had different uplifts, one 5% and the other 32% uplift; and contents and outdoor equipment levels varied slightly due to the inclusion of all fences cover. Both quotes offered 3-year stability rate, but the higher of the two linked to a 5% increase. It was noted that playgrounds had not been included, one provider had quoted for these separately. The two annual premium quotes were: 1) £9,445.80, and the playgrounds £2,586.74; 2). £16,521.65 with 5% annual increase. (Previous policy premium had been £11,599.44.)
Members agreed to opt for the cover which provided a wider range of cover, lower excesses and was the lower of the two quotes.
They unanimously Resolved: agreed to appoint Gallaghers as the broker with Hiscox as the insurance company providing the council insurance cover.
Members unanimously, Resolved: agreed to a 3-year rate stability commitment with Gallaghers/Hiscox.
Members noted that the cover provided by Gallaghers was comprehensive and agreed that the playgrounds should be included in the cover. It was noted that the streetlights had never been included in policies and perhaps should be considered in the future, but for now would remain uninsured.
It was noted that the Council resolution had approved expenditure up £17k, and that the policy cover including the playgrounds would be £12,032.54 plus some adjustment to allow for increase with the assets. Members noted full Council had approved the expenditure for six buildings valuations to allow a more accurate insurance level. Each of these had been assumed suitable for tabletop valuations at £130 each. However, Church House and Rickards Hall, and Doggetts Barn are listed buildings so would require on-site visits; each valuation would cost in the region of £1,000.
Members unanimously, Resolved: agreed the insurance cover as quoted but asked the RFO to confirm the level of assets (contents and outdoor equipment), and to include the playground cover. It was noted there may be some slight adjustment to the policy quote.
Members agreed that the desktop valuations should be done, and unanimously, Resolved: to refer the decision and confirmation of the expenditure for valuations for Church House and Rickards Hall, and Doggetts Barn back to full Council.