Agenda item

To receive the minutes of the meeting held on the 2nd December, 2020.

The minutes of the meeting held on the 2^nd December, 2020 were taken as read and signed by the Chair as a correct record.

Written responses to questions arising from the Minutes by Member of the Committee were provided as follows:

·         Meetings had been held between the Service Director Finance and the Head of Internal Audit, Anti-Fraud and Assurance with one Independent Member to discuss specific issues.  It was noted that Independent Members still had no access to the Council’s intranet nor unfettered access to all BMBC information.  This matter was to be explored further with the Monitoring Officer and the Chief Executive.  It was noted, however, that this matter was still being pursued but had been delayed because of the Covid pandemic.  In addition, a SharePoint site would also be available for Members, but this had also been delayed

·         It was not clear what plans were in place to reduce debt as loans were reaching maturity and appeared to be replaced by new loans.  Whilst appreciative of the Medium Term Financial Strategy with 70% fixed rate debt and 30% interest rate risk debt there was concern at the overall debt level and when and how this would be reduced.  It was acknowledged, however, that the reserves position was healthy and needed to be taken into account when looking at debt levels

·         Reference was made to the current position with regard to pension liability which it was noted, due to stock market movement, was now in a surplus position and questions were asked with regard to the possibility of plans being introduced to lock in this surplus.  It was also pointed out that this Committee had not undertaken an overview of the governance, controls and risk management of this domain and neither was it know whether any internal audit work had been undertaken in this area

·         In relation to the Glassworks it was noted that the External Auditors had suggested the need for the Committee to be kept informed of progress on the scheme.  It was suggested that members of the Committee should have access to Project Board monthly meeting minutes as this would enable it to fulfil its responsibility for the development and monitoring of Corporate Governance.  It was noted that the Service Director Finance had scheduled a number of meetings over the next six months to take these matters forward

·         It was suggested that pre-meetings of the Committee should be held with Members only to discuss issues.  This would enable the Committee to develop a team approach and prioritise time more effectively.  It was noted that this was the approach adopted by the majority of FTSE 250 Audit Committees

·         In relation to questioning on the impact on Council finances of the third national lockdown, it was reported that the current estimated net cost of dealing with Covid was around £15m.  The forecast was revised almost on a daily basis to reflect the ever changing circumstances and new government guidance.  The main financial impact arising from the current lockdown was a further reduction in income from the Council’s fees and charges which had been recovering prior to the latest restrictions (car parking income etc.)