Agenda and draft minutes

Apologies for absence were received from Councillors Tom Plater and Anne Wells.

There were no declarations of interest.

To approve as a correct record the minutes of the meeting held on 3 June 2025.

The minutes of the Audit Committee held on 3 June 2025 were approved as a correct record and signed by the Chair.

To consider the Shared Internal Audit Service - Progress Report.

Simon Martin (SIAS) presented the first internal audit progress report for 2025/26. He summarised work completed between April and August, including three finalised audits with positive assurance levels and two new medium priority recommendations. He confirmed there were no high priority recommendations outstanding and that performance indicators showed no risks to delivering an annual assurance opinion.

Members asked questions regarding the scope of the garages audit, particularly whether cleaning charges and validation of service delivery were included. Simon Martin agreed to confirm details outside of the meeting and provide further information for circulation to all Members.

Further questions concerned audit delivery progress and potential resourcing issues. Simon Martin advised that SIAS was currently at full establishment, and that delivery was scheduled flexibly throughout the year. He confirmed no risks to plan delivery.

It was RESOLVED that the Internal Audit Progress Report be noted, along with the status of critical, high and medium priority recommendations.

To consider the Annual Treasury Management strategy review of 2024/25.

The Assistant Director (Finance) presented the report, highlighting that all statutory and regulatory requirements had been met. Capital expenditure was £44.4m, lower than the £88.4m budget due to reprofiling, which also reduced borrowing requirements. General Fund borrowing was £4m and HRA borrowing nil. Investments totalled £46.1m, earning an average return of 4.95% and £2.3m in interest.

Members asked questions on:

·       Potential increases in PWLB rates – the Assistant Director confirmed this was possible and would be monitored.

·       Minimum Revenue Provision (MRP) for the new multi-storey car park – the Assistant Director would confirm usage income outside of the meeting

·       Strong investment performance – attributed to higher returns, reduced borrowing and prudent treasury management.

·       Financing of capital expenditure – clarified that £9m of General Fund expenditure was met from grants and contributions rather than borrowing.

It was RESOLVED that the 2024/25 Annual Treasury Management Review, including the prudential indicators, be recommended to Cabinet for onward recommendation for approval by Council.

To consider any Part 1 business accepted by the Chair as urgent.

There was no Urgent Part I Business.

To consider the following motions –

1.  That under Section 100(A) of the Local Government Act 1972, the press and public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as described in paragraphs1 – 7 of Part 1 of Schedule 12A of the Act as amended by Local Government (Access to Information) (Variation) Order 2006.

2.  That Members consider the reasons for the following reports being in Part II and determine whether or not maintaining the exemption from disclosure of the information contained therein outweighs the public interest in disclosure.

It was RESOLVED:

1.     That, under Section 100(A) of the Local Government Act 1972, the press and public be excluded from the meeting for the following items of business on the grounds that they involved the likely disclosure of exempt information.

2.     That having considered the reasons for the following items being in Part II, it be determined that maintaining the exemption from disclosure of the information contained therein outweighed the public interest in disclosure.

To consider the Q1 Corporate Risk Report.

The Corporate Performance and Improvement Officer presented the Q1 Corporate Risk Report.

Members asked questions that were responded to by the Corporate Performance and Improvement Officer.

To consider any Part II business accepted by the Chair as urgent.

There was no Urgent Part II Business.

At this juncture a Member commented that a number of Audit Committee Members were regularly offering apologies for lateness. The Member requested that consideration be given to starting Audit Committee meetings at a later time. The Chair agreed to consider the request.