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Finance, Audit and Risk Committee - Wednesday, 19th June, 2024 7.30 pm

June 19, 2024 View on council website  Watch video of meeting
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Summary

The Finance, Audit and Risk Committee of North Hertfordshire Council met on 19 June 2024 to discuss the Draft Revenue Budget Outturn for 2023-24, the Integrated Capital and Treasury Strategy Year End Review, and the Leisure Investment and Decarbonisation Project. Key decisions included the approval of the Draft Revenue Budget Outturn and the endorsement of the Leisure Investment and Decarbonisation Project.

Draft Revenue Budget Outturn 2023-24

The committee reviewed the Draft Revenue Budget Outturn 2023-24 report FAR. The report highlighted significant variances in the budget, detailed in Appendix A - 2023-24 Significant Variances. The committee approved the report, noting the importance of accurate financial forecasting and budget management. Councillors discussed the impact of inflation and unexpected expenses on the budget, with one councillor stating, We must remain vigilant and adaptable to ensure financial stability.

Integrated Capital and Treasury Strategy Year End Review

The Uploaded Cabinet Integrated Capital and Treasury Strategy Year End Review 2024 was presented, outlining the council's capital investments and treasury management performance. The review included Capital App A 2324 and Uploaded Appendix B Annual-TM-Review-Report-English-2023-24-240405. The committee noted the positive outcomes of the strategy, including improved liquidity and reduced borrowing costs. However, concerns were raised about future interest rate fluctuations and their potential impact on the council's finances.

Leisure Investment and Decarbonisation Project

The committee discussed the Leisure Decarbonisation June 2024 Part 1 and LEISURE INVESTMENT AND DECARBONISATION PROJECT ANSWERS TO OS QUESTIONS 19th-Jun-2024 19.30 Financ. The project aims to reduce carbon emissions from leisure facilities and invest in sustainable infrastructure. The committee endorsed the project, emphasising its alignment with the council's environmental goals. One councillor remarked, This project is a crucial step towards achieving our net-zero targets and enhancing the quality of our leisure services.

Risk Management

The Risk Management cover report FAR was reviewed, highlighting key risks and mitigation strategies. The committee discussed the importance of proactive risk management, particularly in light of economic uncertainties and environmental challenges. The report included Appendix B Archived Risks and Appendix C New Risks, which provided detailed insights into the evolving risk landscape.

Annual Governance Statement

The AGS Committee Report FAR June 2024 - FINAL and AGS 202324 were presented, outlining the council's governance framework and effectiveness. The committee approved the statement, acknowledging the importance of robust governance practices in maintaining public trust and accountability.

SIAS Annual Assurance Statement and Internal Audit Annual Report

The NHC - SIAS Annual Assurance Statement and Internal Audit Annual Report 2023-24 issued 05.06.24 was reviewed, providing an overview of the council's internal audit activities and assurance levels. The report highlighted areas of improvement and recommended actions to enhance internal controls and risk management processes. The committee expressed satisfaction with the report's findings and endorsed the recommended actions.

Attendees

Caroline Jenkins
Profile image for CouncillorSean Nolan
CouncillorSean Nolan  Chair of the Finance, Audit & Risk Committee •  Labour and Co-operative •  Letchworth Wilbury
Profile image for CouncillorVijaiya Poopalasingham
CouncillorVijaiya Poopalasingham  Chair of the Standards Committee •  Labour and Co-operative •  Great Ashby
Profile image for CouncillorTina Bhartwas
CouncillorTina Bhartwas  Liberal Democrats •  Letchworth Norton
Profile image for CouncillorRuth Brown
CouncillorRuth Brown  Leader of the Liberal Democrats Group •  Liberal Democrats •  Royston Heath
Profile image for CouncillorDominic Griffiths
CouncillorDominic Griffiths  Liberal Democrats •  Graveley, St Ippolyts & Wymondley
Profile image for CouncillorSteven Patmore
CouncillorSteven Patmore  Conservative •  Codicote & Kimpton
Profile image for CouncillorPaul Ward
CouncillorPaul Ward  Liberal Democrats •  Knebworth
Profile image for CouncillorStewart Willoughby
CouncillorStewart Willoughby  Labour and Co-operative •  Baldock East
John Cannon
Antonio Ciampa
Dean Fury
Susan Le Dain
James Lovegrove
Melanie Stimpson
Sjanel Wickenden
Ian Couper
Georgina Chapman
Sarah Kingsley
Profile image for CouncillorDaniel Wright-Mason
CouncillorDaniel Wright-Mason  Special Interest Member Champion for Housing •  Labour and Co-operative •  Hitchin Walsworth

Topics

No topics have been identified for this meeting yet.

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