Minutes of the Meeting of the Finance and Audit Committee held on Tuesday, 11th June 2024 at 7.30pm at Cuxton Library, Bush Road
Present: Cllr Burley (Chair), Cllr Thorley, Cllr Chalker, Cllr Jensen, Cllr Wilson, Cllr Vye and Cllr Manning.
In attendance: Mrs N. Jackson, Clerk,
There were no members of the public present.
1. Apologies for absence
Cllr White
2. Declarations of Interest (DPI, conflict of interest and personal interests) and alterations to the Register
Cllr Burley – Item 8
Cllr Vye – Item 6bx
3. Minutes of the meeting held on 7th December 2023 – for approval
No amendments were required. Cllr Chalker proposed, and Cllr Jensen seconded, to accept these minutes as a true record of the meeting. All councillors voted unanimously in favour of the proposal.
It was resolved to accept these minutes as a true record of the meeting.
4. Statement of Internal Control Review
The clerk provided an updated statement for the 2023-2024 financial year. Cllrs discussed the statements contained within and found them to be accurate. Cllr Burley proposed that the document was accepted, Cllr Wilson seconded this and it was agreed by unanimous vote.
It was resolved to accept the CPC Statement of Internal Control 2023-2024 as correct, subject to full council approval.
Cllr Thorley arrived and apologised for her lateness
5. General and Earmarked Reserves Policy
Councillors reviewed the statements made in the policy and agreed that they were accurate. Cllr Wilson proposed to accept this policy, this was seconded by Cllr Thorley and agreed by unanimous vote.
It was resolved to accept the General and Earmarked reserves policy, subject to full council approval.
6. Review of CPC reserves
a) General Reserve
Cllr Thorley noted that the general reserves had increased which is not an ideal situation as there are timescales relating to expenditure that should be adhered to. She asked councillors to be mindful that this money needs to be spent and councillors reiterated their commitments to advancing the bigger village projects, already underway, to ensure that this money is used for its intended purpose as soon as possible.
b) Earmarked Reserves
(i) Elections Reserve
It was agreed that this reserve was necessary and has the correct funds
(ii) Recreation ground project Reserve
It was agreed that this reserve was necessary and has the correct funds.
(iii) Woodland Reserve
It was agreed that this reserve was necessary and has the correct funds.
(iv) Play Equipment Replacement
It was agreed that this reserve was necessary. Cllr Thorley proposed adding £10k to this reserve from the general reserve, making £15,000 in total. This was seconded by Cllr Wilson and agreed by unanimous vote.
(v) Legal and Professional Fees Reserve
It was agreed that this reserve was necessary. Cllr Chalker proposed to increase it to £5k using funds from the general reserve, Cllr Vye seconded, and it was agreed by unanimous vote.
(vi) Bike Track Renovation
It was agreed that this reserve was necessary and has the correct funds.
(vii) Courts
It was agreed that this reserve was necessary. Cllr Burley proposed to add another £15k from the general reserve, making £40,000 in total, as this project has now widened and incorporated additional work. This was seconded by Cllr Jensen and agreed by unanimous vote.
(viii) CCTV
It was agreed that this reserve was necessary, but Cllr Wilson proposed to reduce it to £5k. Cllr Chalker seconded, and it was agreed by unanimous vote.
(ix) Land acquisition
There was disagreement about whether this reserve met the requirement for a specific and time-bound purpose for the reserve. Cllr Thorley proposed that the funds in this reserve be transferred back into the general reserve. This was seconded by Cllr Wilson. The proposal passed by vote. Cllrs Thorley, Wilson, Burley and Manning voted in favour. Cllrs Vye and Chalker voted against. Cllr Jensen abstained.
(x) Allotment maintenance
It was agreed that this reserve was necessary and has the correct funds.
It was resolved to make the reserve adjustments discussed, subject to full council approval.
7. New NALC Financial Regulations review
The clerk provided a copy of the newly issued NALC Model Financial regulations for review. Cllrs completed the bespoke requirements for Cuxton Parish Council and Cllr Burley then proposed to a accept the document, with the amendments discussed. This was seconded by Cllr Thorley and agreed by unanimous vote.
It was resolved to accept the new model financial regulations, with the amendments agreed, subject to Full council approval.
Cllr Vye had to leave the meeting.
8. Bank Balances Review with regard to Interest rates and the Financial Services Compensation Scheme limits
There was a significant discussion about bank balances with regard to FSCS limits, interest rates and forthcoming planned expenditure, with a focus on ensuring the best return for any balances due to be held for several months.
Councillors did not have details for all account interest rates but made some recommendations for full council based FSCS limits and on the understanding that interest rate information may change their recommendations. The following actions were proposed By Cllr Manning, seconded by Cllr Burley and agreed by unanimous vote.
a) continue the action agreed previously to move £8,321.88 from Nationwide Instant Saver to Teachers Building Society.
b) Leaving an overall Nationwide Balance within FSCS Limits
move £10,000 from Barclays Community Account to Teachers Building Society.
Leaving the Teachers account within FSCS Limits
c) Move all but £20,000 of the remaining Barclays community balance into the Barclays premium account to acquire better interest rates.
It was resolved to make these recommendations to Full council for approval
9. Information Exchange
None
10. Members future agenda items
None
The Chairman closed the meeting at 9.33pm
Next meeting 7th November 2024, 7pm at Cuxton Library
Signed Tracy Thorley Chairman
On the 6th day of November 2024