Issue - meetings

To note the update and actions following on from the July 2023 report setting out the proposed actions in response to the recommendations within the Public Interest Report.

The Committee considered the Public Interest Report Recommendations Action Plan update presented by Terry Collier, Deputy Chief Executive, on behalf of Coralie Holman, Group Head Assets.

The Deputy Chief Executive explained that Following the Council's agreement to the Public Interest Report (PIR’) issued by KPMG in December 2022, and the subsequent action plan approved by the Audit Committee in July 2023, significant progress had been made which included the implementation of a proactive asset management strategy that included robust stress testing, sensitivity analysis, and the development of a comprehensive suite of Key Performance Indicators (KPIs) and risk registers. These efforts ensure the continued effective monitoring and management of our investment portfolio, enhancing governance and councillor engagement.

The Committee initially raised concerns that they had not yet had sight of the sinking fund earmarked reserves modelling. Other concern was centred around the lack of a longer term forward view of the investment portfolio which extended beyond 12 months. The Deputy Chief Executive confirmed that the sinking fund reserves modelling, which extends over a 50 year timeframe, will be presented to members during the next Committee cycle. Separately, Members could also refer to 5 year business plans for a more comprehensive overview of individual assets.

The Committee resolved to note the update and actions following on from the July 2023 report setting out the proposed actions in response to the recommendations within the Public Interest Report.

The Committee suspended standing orders and agreed to extend the meeting to 10:30pm.