The meeting covered several important topics, including the approval of minutes, the Strategic Risk Register, financial reports, and performance summaries. Key decisions were made regarding the Strategic Risk Register, capital and revenue management, and Treasury management.

Strategic Risk Register

The Council's Strategic Risk Register was presented by Lee Collier. This register is reviewed annually by the Cabinet to manage strategic risks for the year. The responsibility for managing these risks will pass to the Audit and Governance Committee, which will receive presentations from risk owners throughout the year. The recommendation to note the Strategic Risk Register and the arrangements for managing strategic risk was agreed upon.

Capital Management Report for Quarter 4

Jane Fineman presented the Capital Management Report. The Council's actual unaudited expenditure for 2023/24 was £15.9 million, higher than the originally approved £12.6 million. Major expenditures included the purchase of the Royal Victoria Place shopping centre (£8.9 million), the Local Authority Housing Fund (£2.4 million), and Disabled Facilities Grants (£1.1 million). The Council also approved a new request for £21,000 for mobile phone signal boosters in the Royal Victoria Place shopping centre. The recommendation to approve the proposed variations and new schemes in the capital programme was agreed upon.

Revenue Management Report for Quarter 4

Jane Fineman also presented the Revenue Management Report. The Council's unaudited actual expenditure for the year was £12.9 million, £3.7 million under budget. Income was above budget by £4.7 million, mainly due to increased on-street parking income and rental income from the Royal Victoria Place shopping centre. The Council ended the year with a £706,000 surplus from the shopping centre. The recommendation to note the unaudited actual revenue expenditure and its impact on reserves was agreed upon.

Treasury and Prudential Indicator Management Report for Quarter 4

Jane Fineman reported that the Council's unaudited actual out-turn for interest from investments and bank interest for 2023/24 was £3.342 million, an increase of £1.922 million from the approved budget. The Council achieved an actual interest rate of 5%, compared to the original budget of 3.07%. The recommendation to note the Treasury management and prudential indicator position was agreed upon.

Performance Summary for Quarter 4

Pamela Grover-Morkin presented the performance summary. Of the 20 performance indicators, 11 were performing well, and two were underperforming (number of working days lost to sickness and the percentage of parking transactions paid by Ringo). The Council has implemented an action plan to address these issues. The recommendation to note the performance summary and recovery plans was agreed upon.

Complaint Summary for Quarters 3 and 4

Pamela Grover-Morkin also presented the complaint summary. The Council closed 91 complaints in the second half of 2023/24, meeting its target of responding to 70% of stage 1 complaints within 15 days. One compensation payment of £200 was made. The recommendation to note the summary of complaints was agreed upon.

Other Discussions

• Councillor Tom Doolings raised a question about the Leader of the Council's tree planting initiative, which was not mentioned in the financial reports. Lee Collier explained that new initiatives would need to go through the Council's formal decision-making process before being planned and funded.
• Councillor David Heywood asked about the Council's efforts to recover business rates for vacant properties in the Royal Victoria Place shopping centre. Lee Collier explained that the Council is working to get some properties delisted to reduce costs.
• Councillor Joe Parra inquired about how complaints from councillors are recorded. It was clarified that complaints are recorded if they go through the formal complaints system.

The next meeting is scheduled for Monday, 8th July 2024.