Agenda item

To receive and consider the report of the Responsible Financial Officer (R.F.O) including end of year Investment Activity.

The Committee received and considered the report of the Responsible Financial Officer (RFO) detailing income and expenditure for budgets for the Councilwhich along with details of the investment activity for 2023/24.

The RFO advised that regarding the management accounts, only a small amount of work remained outstanding before the financial end of year could be completed, this being to deal with the earmarked reserve movements. However. all income and expenditure had been allocated.

Members considered continuation of the membership to Co-operative Councils Innovation Network (CCIN) and felt that this membership, which had previously been provided free, had not been fully utilised. The Town Clerk/CEO expressed her opinion that membership was more beneficial to Members rather than Officers and was aimed more at District and County Council level.

It was proposed by Cllr Bailey, seconded by Cllr Edwards-Hughes that the Council continue with membership for one year with an evaluation review to be carried out as it its benefit at the end of the 2024 membership year. All Members were in agreement and suggested Committee Chairs could also consider the work of their committees for future case studies.

In respect to the recommendation contained in the report it was:

·        Proposed by Cllr Bailey and Seconded by Cllr Crouch that the Management Accounts to 31 March 2024 be noted and approved.

·        Proposed by Cllr Cherry and Seconded by Cllr Bailey that the update on Investment Returns report be noted and approved.

·        Proposed by Cllr Smith and Seconded by Cllr Crouch that the Investment Activity report for 2023-24 be noted and approved

All Members were in favour of the three proposals.

Resolved:

1.      That, the report and verbal update be noted and,

2.      That, the management accounts to 31 March 2024 be approved and,

3.      That, the update on Investment Returns report be noted and approved and,

4.      That the Investment Activity report for 2023-24 be noted and approved and,

5.      That, the Council renew its membership of the Co-operative Councils Innovation Network for a further year with a review to be carried out at the end of the 2024 membership year.