Agenda item

LIST OF BACKGROUND PAPERS AS REQUIRED BY LAW

(Papers relied on the write the report and which do not contain exempt information)

Contact Officer, telephone number and email: Duncan Ellis, 01263 516330, Duncan.ellis@north-norfolk.gov.uk

The HFAM introduced the report and informed Members that with the end of the financial year approaching, a very small surplus was predicted and there were no issues to report. He added that of the three recommendations included in the report which had been accepted by Cabinet, the most significant was the acceptance of a new energy contract. The contract would enable 94.5% of the Council’s energy to be supplied from renewable sources, at a lower cost that would save approximately 64 tons of Co2 per year.

Questions and Discussion

Cllr P Grove-Jones noted that she had heard that interest rates would now fall to 0.25%, and asked how this might affect the Council. The HFAM replied that the base rate had a low impact on the Council, mainly with regards to overnight funds which had a very low impact on the Council’s overall investment income. Cllr P Grove-Jones stated that municipal bonds were an interesting means of raising money, and asked if the Council utilised these. The HFAM replied that the Public Works Loan Board could change its rates, and there were also alternatives in the market that could provide loan functions. He added that these providers would prefer to offer larger loans around the £15m mark. It was noted that the Council would borrow for costs related to Splash and the new waste contract, and these decisions would be made at the appropriate time.

Cllr N Pearce stated that whilst the report covered 43 pages, it did not show the level of work involved and he wished to place on record his thanks to the officers.

The Chairman referred to proposed changes to the Budget Monitoring Report that would bring it in-line with performance monitoring. It was noted that the level of detail from both reports would need to be condensed to focus on high level reporting, and this could be expected around June. The HFAM stated that the Committee’s budget discussion this year had been the best he’d seen, and it was now important that the Committee maintained the same approach of looking at strategic issues and additional pressures. This would reduce the focus of the reports to around 15 key issues, and aim to link more closely with the MTFP and performance reports. The HFAM suggested that the new Inphase system would aid the process of moving to this more joined-up approach, which would allow the Committee to get the best from the reports. The HLS added that she was involved in the work that had brought various teams together to deliver the new style of reporting, and added that the changes would be introduced slowly, with a focus on strategic direction over minor details. The Chairman agreed that it was important for the Committee to place greater focus on strategic issues to look at the bigger picture.

Cllr G Mancini-Boyle asked for an update on the progress of the agreed scrutiny panels that would review the delivery of the Corporate Plan. The DS&GOS replied that the Terms of Reference were being drafted and it was hoped that preparations would be completed in time for May.

RESOLVED

To note the report.