Agenda, decisions and minutes

Governance and Audit Committee - Thursday, 24th March, 2022 10.30 am

Venue: Ernest Saville Room - City Hall, Bradford. View directions

Contact: Fatima Butt - 01274 432227 

Items
No. Item

44.

DISCLOSURES OF INTEREST

(Members Code of Conduct - Part 4A of the Constitution)

 

To receive disclosures of interests from members and co-opted members on matters to be considered at the meeting. The disclosure must include the nature of the interest.

 

An interest must also be disclosed in the meeting when it becomes apparent to the member during the meeting.

 

Notes:

 

(1)       Members may remain in the meeting and take part fully in discussion and voting unless the interest is a disclosable pecuniary interest or an interest which the Member feels would call into question their compliance with the wider principles set out in the Code of Conduct.  Disclosable pecuniary interests relate to the Member concerned or their spouse/partner.

 

(2)       Members in arrears of Council Tax by more than two months must not vote in decisions on, or which might affect, budget calculations, and must disclose at the meeting that this restriction applies to them.  A failure to comply with these requirements is a criminal offence under section 106 of the Local Government Finance Act 1992. 

 

(3)       Members are also welcome to disclose interests which are not disclosable pecuniary interests but which they consider should be made in the interest of clarity.

 

(4)       Officers must disclose interests in accordance with Council Standing Order 44.

 

Minutes:

No disclosures of interest in matters under consideration were received.

45.

MINUTES

Recommended –

 

That the minutes of the meeting held on 27 January 2022 be signed as a correct record (previously circulated).

 

(Fatima Butt – 01274 432227)

Minutes:

Resolved –

 

That the minutes of the meeting held on 27 January 2022 be signed as a correct record.

46.

INSPECTION OF REPORTS AND BACKGROUND PAPERS

(Access to Information Procedure Rules – Part 3B of the Constitution)

 

Reports and background papers for agenda items may be inspected by contacting the person shown after each agenda item.  Certain reports and background papers may be restricted. 

 

Any request to remove the restriction on a report or background paper should be made to the relevant Strategic Director or Assistant Director whose name is shown on the front page of the report. 

 

If that request is refused, there is a right of appeal to this meeting. 

 

Please contact the officer shown below in advance of the meeting if you wish to appeal. 

 

(Fatima Butt - 01274 432227)

 

Minutes:

There were no appeals submitted by the public to review decisions to restrict documents.

47.

TREASURY MANAGEMENT STRATEGY 2022-23 pdf icon PDF 830 KB

The Director of Finance and IT will submit Document “Z” which reports on the Treasury Management Strategy 2022-23, the report covers two main areas:

 

Capital issues

·       the capital expenditure plans and the associated prudential indicators;

·       the minimum revenue provision (MRP) policy.

 

Treasury management issues

·       the current treasury position;

·       treasury indicators which limit the treasury risk and activities of the Council;

·       prospects for interest rates;

·       the borrowing strategy;

·       policy on borrowing in advance of need;

·       debt rescheduling;

·       the investment strategy;

·       creditworthiness policy; and

·       the policy on use of external service providers.

 

Recommended –

 

That Document “Z” be noted and referred to Council for adoption.

 

                                                            (David Willis – 01274 432361)

                                                            (Lynsey Simenton - 07582 102779)

 

Decision:

Resolved –

 

That Document “Z” be noted and referred to Council for adoption.

 

Action:  Director of Finance and IT

 

                                                            (David Willis – 01274 432361)

                                                            (Lynsey Simenton – 07582 102779)

 

                                                                       

Minutes:

The Director of Finance and IT submitted Document “Z” which reported on the Treasury Management Strategy 2022-23, the report covered two main areas:

 

Capital issues

·       the capital expenditure plans and the associated prudential indicators;

·       the minimum revenue provision (MRP) policy.

 

Treasury management issues

·       the current treasury position;

·       treasury indicators which limit the treasury risk and activities of the Council;

·       prospects for interest rates;

·       the borrowing strategy;

·       policy on borrowing in advance of need;

·       debt rescheduling;

·       the investment strategy;

·       creditworthiness policy; and the policy on use of external service providers

 

Members sought further clarification in particular the services provided by Salix Finance Limited; commercial initiatives; debt rescheduling; impact of interest rates and inflation and interest on PFI (Private Finance Initiative) and capital plans.

 

In response to Members questions it was reported that Salix Finance Limited provided interest free Government funding to the public sector to improve their energy efficiency, reduce carbon emissions and lower energy bills.

 

It was reported that commercial initiatives was not an area the Council was pursuing; the Minimum Revenue Provision policy was reviewed throughout the year; Capital spend was constantly being reviewed; interest on PFI was covered by the government grant.

 

Resolved –

 

That Document “Z” be noted and referred to Council for adoption.

 

Action:  Director of Finance and IT

 

                                                           

 

                                                                       

48.

MINUTES OF WEST YORKSHIRE PENSION FUND (WYPF) JOINT ADVISORY GROUP HELD ON 27 JANUARY 2022 pdf icon PDF 112 KB

The Council’s Financial Regulations requires the minutes of meetings of the WYPF be submitted to this Committee.

 

In accordance with this requirement, the Director of West Yorkshire Pension Fund will submit “Document “AB which reports on the minutes of the meeting of the WYPF Joint Advisory Group held on 27 January 2022.

 

Recommended –

 

That the minutes of the West Yorkshire Pension Fund Joint Advisory Group held on 27 January 2022 be considered.

 

                                                (Joanna Wilkinson – 01274 432038)

 

Additional documents:

Decision:

Resolved –

 

That the minutes of the West Yorkshire Pension Fund Joint Advisory Group held on 27 January 2022 were considered.

 

                                                            (Joanna Wilkinson – 01274 432038)

                                                           

Minutes:

The Council’s Financial Regulations required the minutes of meetings of the WYPF be submitted to this Committee.

 

In accordance with this requirement, the Director of West Yorkshire Pension Fund submitted “Document “AB which reported on the minutes of the meeting of the WYPF Joint Advisory Group held on 27 January 2022.

 

Members were informed that the fund continued to provide an efficient, cost effective and high level of service to members and employers within the fund and that the fund was at a healthy position.

 

Resolved –

 

That the minutes of the West Yorkshire Pension Fund Joint Advisory Group held on 27 January 2022 were considered.

 

                                                                                                                       

49.

EXCLUSION OF THE PUBLIC

Recommended –

 

That the public be excluded from the meeting during the

consideration of the items relating to minutes of the West

Yorkshire Pension Fund Investment Advisory Panel meetings

held on 27 January 2022 and 28 October 2021 because the information to be considered is exempt information within paragraph 3 (Financial or Business Affairs) of Schedule 12A of the Local Government Act 1972.  It is also considered that it is in the public interest to exclude public access to this item.

 

Minutes:

Resolved –

 

That the public be excluded from the meeting during the

consideration of the items relating to minutes of the West

Yorkshire Pension Fund Investment Advisory Panel meetings

held on 27 January 2022 and 28 October 2021 because the information to be considered is exempt information within paragraph 3 (Financial or Business Affairs) of Schedule 12A of the Local Government Act 1972.  It is also considered that it is in the public interest to exclude public access to this item.

 

50.

MINUTES OF WEST YORKSHIRE PENSION FUND (WYPF) INVESTMENT ADVISORY PANEL HELD ON 27 JANUARY 2022

The Council’s Financial Regulations requires the minutes of meetings of the WYPF be submitted to this Committee.

 

In accordance with this requirement, the Director of West Yorkshire Pension Fund will submit Not for Publication Document “AC” which reports on the minutes of the meeting of the WYPF Investment Advisory Panel held on 27 January 2022.

 

Recommended –

 

That the minutes of the West Yorkshire Pension Fund Investment Advisory Panel held on 27 January 2022 be considered.

 

                                                (Joanna Wilkinson – 01274 432038)

 

Decision:

Resolved –

 

That the minutes of the West Yorkshire Pension Fund Investment Advisory Panel held on 27 January 2022 were considered.

 

                                                            (Joanna Wilkinson – 01274 432038)

Minutes:

The Council’s Financial Regulations required the minutes of meetings of the WYPF be submitted to this Committee.

 

In accordance with this requirement, the Director of West Yorkshire Pension Fund submitted Not for Publication Document “AC” which reported on the minutes of the meeting of the WYPF Investment Advisory Panel held on 27 January 2022.

 

Resolved –

 

That the minutes of the West Yorkshire Pension Fund Investment Advisory Panel held on 27 January 2022 were considered.

 

                                                           

51.

MINUTES OF WEST YORKSHIRE PENSION FUND (WYPF) INVESTMENT ADVISORY PANEL HELD ON 28 OCTOBER 2021

The Council’s Financial Regulations requires the minutes of meetings of the WYPF be submitted to this Committee.

 

In accordance with this requirement, the Director of West Yorkshire Pension Fund will submit Not for Publication Document “AD” which reports on the minutes of the meeting of the WYPF Investment Advisory Panel held on 28 October 2021.

 

Recommended –

 

That the minutes of the West Yorkshire Pension Fund Investment Advisory Panel held on 28 October 2021 be considered.

 

                                                (Joanna Wilkinson – 01274 432038)

 

Decision:

Resolved-

 

That the minutes of the West Yorkshire Pension Fund Investment Advisory Panel held on 28 October 2021 were considered.

 

                                                            (Joanna Wilkinson – 01274 432038)

Minutes:

The Council’s Financial Regulations required the minutes of meetings of the WYPF be submitted to this Committee.

 

In accordance with this requirement, the Director of West Yorkshire Pension Fund submitted Not for Publication Document “AD” which reported on the minutes of the meeting of the WYPF Investment Advisory Panel held on 28 October 2021.

 

Resolved-

 

That the minutes of the West Yorkshire Pension Fund Investment Advisory Panel held on 28 October 2021 were considered.