Draft minutes of the Finance Committee

Minutes of Finance Committee Meeting

Held at Bishopswood Village Hall
Wednesday 4 September 2019 at 6.30pm

Present:
Councillors: Karen Chinn (Chair), Joanne Akers, Simeon Cole, Ruth Dolman, Bob Puzey and Monica van Lienden

In attendance: Richard Abolins (Clerk), 2 members of the public

1. Apologies for absence: – none.

2. Declarations of interest and written requests for dispensation: – none.

3. Adoption of Minutes of previous meeting:
It was resolved to adopt the minutes of the meeting held on 26 June 2019 as a true and accurate record. They were signed by the Chair.

4. Public participation session:
4.1 No comments were received.

5. Meeting frequency:
It was resolved to change the frequency of meetings to be in line with full Council meetings. It was suggested that the third Wednesday of each month would allow the RFO time to prepare the accounts for the previous month and this would be recommended to Council.

6. Banking arrangements:
6.1 The RFO explained that at present the Lloyds savings account was only paying 0.05%. Interest rates generally were not good for savers, but Lloyds Bank fixed deposits offered rates from 0.7% for three months to 1.05% for twelve months. On the basis, that Council reserves were not normally required for twelve months, the meeting asked the RFO to obtain details with a view to opening a fixed term deposit account. Subject to Committee approval, this could then be recommended to the Council at the next meeting.
6.2 In order to ensure a limit on expenditure between meetings, the committee asked the RFO to obtain details with a view to opening a current account with debit card specifically for this purpose. Subject to Committee approval, this could then be recommended to the Council at the next meeting

7. Financial information:
7.1 The accounts for the period ended July 2109 were received. (appendix 1). Cllr Dolman asked when forecast figures were updated. The RFO explained at any time that they became significant. At this time of year, when budgets were being considered for next year, new information may lead to changes in the forecast. A good example would be the increase in room hire costs as a result of additional working groups.
7.2 The bank statements and reconciliations at 31 July were approved and signed by Cllr Dolman. (appendix 2)

8. Payments:
8.1 It was resolved to approve the payments on Appendix 3.
8.2 It was resolved to ratify the payments on Appendix 3.
8.3 It was resolved to approve expenditure on website training.

9. Risk management:
9.1 A risk management schedule had been drafted from a HALC template. The issue of the back up of computer files was discussed. It was resolved to purchase a second external hard drive and at every monthly meeting one of them would be handed to the Chair for safekeeping. In that way, both drives would never be in the same location.
In her report to the Council, the Chair will ask all working groups to feed their risk management information to the Finance Committee for incorporation into the main document.

10. Public participation session
10.1 No comments were received.

11. Items for next meeting agenda
11.1 Draft budget for 2020/21

It was resolved to ask members of the public to withdraw from the meeting for the confidential closed session

12. Confidential closed session:
12.1 It was resolved to pay overtime to the Clerk in respect of the additional work he had undertaken in the first quarter of the financial year.

13. The date of the next meeting – The next meeting will be held at 6.30pm on Wednesday 27 November 2019 at Walford Village Hall. (After meeting note: – in accordance with the resolution in item 5, the next meeting will now be at 6.30pm on Wednesday 16 October 2019 at Walford Village Hall.

The meeting closed at 19:18

 

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