Decision details

To approve revised Financial Regulations and to amend the Council’s constitution accordingly.

RESOLVED:

That the Financial Regulations be amended before it goes to full Council, to reflect that the Audit and Governance Committee will sign off the Treasury Management Strategy Statement.

To RECOMMEND that Council:

1.    Approves the new Financial Regulations.

2.    Approves the annual Treasury Management Strategy Statement to the Audit and Governance Committee.  (Members of the Audit and Governance Committee will receive appropriate training.)

3.    Approves the necessary amendments to the Council’s Constitution.

Reasons for Decision:

The Council’s Annual Governance Statement for 2017/18 identified that actions were required to strengthen governance, including the need to revise and reinforce the Financial Regulations.  As the Council is facing unprecedented financial pressures, a comprehensive review is required to reflect the new financial environment. 

The Chartered Institute of Public Finance and Accountancy’s (CIPFA) Prudential Code and Treasury Management Code of Practice (2017) requires local authorities to prepare a Capital and Investment Strategy from April 2019.  The introduction of this new strategy means that approval of the annual Treasury Management Strategy Statement may be delegated to a sub-committee.  Delegation of this function to the Audit and Governance Committee should facilitate more active discussion of the strategy by Members who have received specific training in this area.