Issue - meetings

The Audit and Risk committee recommends that Council adopt the updated Financial Regulations.

51.1    Councillor Spence moved the recommendation, seconded by Councillor K.Reed. Councillor Spence highlighted the increase to the supplementary estimate limit which had not been reviewed for some time. An uplift to £250,000 was needed to allow for the smooth and efficient running of the Council.

51.2    Council Goodridge spoke against the recommendation as the increase in the supplementary estimate limit would increase risk and reduce transparency, and urged that a smaller increase be considered instead.

51.3    The Leader stated that it had been agreed that any spend in excess of the original £100,000 would be communicated to both the Audit & Risk Committee and to the Executive.

The Mayor moved to a vote and it was RESOLVED that

1.    The financial regulations be approved and adopted.

The Audit Committee is asked to consider the update to the Financial Regulations and recommend them to the Council, in compliance with the Audit Committee Terms of Reference under Article 8 of the Constitution. Specifically, the Audit Committee is required to maintain an overview of the Council’s Constitution in respect of financial regulation

Recommendation to Audit Committee

It is recommended that the Committee recommends the update to the Financial Regulations to the Council for adoption

Rosie Plaistowe, Financial Services Manager, outlined the report circulated in the agenda. The transactions reporting needed no change and no internal audit changes were recommended.

The Supplementary Estimate Limit (SEL)had not been increased for a number of years and it had been agreed to move it up from £100k currently to £250k going forward. It was felt the process was robust enough that there was little risk.

Members suggested there should be a SEL aggregate limit but were informed there were no Regulations to deal with this.  In addition there were usually very few requests and of those not many were for large amounts.  We have a strong leadership team with the Council’s finances at the heart of their decision making.

Members felt their should be some control measures and asked the S.151 officer to look at reporting methodology.

The Committee recommends the update to the Financial Regulations to the Council for adoption