Meeting documents

To approve as a correct record the minutes of the previous meeting held on 26 November 2015.

The minutes of the meeting held on 26 November 2015 were approved as a correct record and signed by the Chairman.

An apology for absence was received from Councillor Mike Best.

In accordance with the Council's current Code of Conduct (adopted July 2012), which includes all the provisions relating to Disclosable Pecuniary Interests (DPI), personal and prejudicial interests, Members are asked to declare any DPI and also any personal interests (and whether or not such personal interests are also "prejudicial") in relation to any matter on the agenda for this meeting.  A DPI is defined in The Relevant Authorities (Disclosable Pecuniary Interests) Regulations 2012 (SI 2012 No. 1464) and Appendix 3 of the Council’s Code of Conduct. A personal interest is defined in paragraph 2.8 of the Code and a prejudicial interest is defined in paragraph 2.9.

There were no declarations of interest.

There were no members of public at the meeting.

Councillors are requested to note that the next Audit Committee meeting is scheduled to be held at 10.00am on 25 February 2016 in the Main Committee Room, Brympton Way, Yeovil.

Members noted the next meeting of Audit Committee was scheduled for 10.00am on Thursday 25^th February 2016, in the Main Committee Room, Brympton Way, Yeovil.

The Principal Accountant presented the report which tasked the Audit Committee with the scrutiny of treasury management and to recommend to full council the Treasury Management Strategy Statement and Investment Strategy for 2016/17. She highlighted that some limits had increased regarding investments.

During a short discussion the Principal Accountant and Assistant Director (Finance and Corporate Services) explained aspects of the useable capital receipts, capital programme and the current overall position of the accounts. In response to a comment made about whether it would be prudent to invest more into the pooled property fund, the officers commented that if it was felt to be appropriate, they would look to invest in a different property fund to spread the risk.

Members were content to note the report and, recommend the Treasury Management Strategy Statement and Investment Strategy for 2016/17 to full Council.

The Procurement and Risk Manager provided an informative presentation to update members about risk management and the risk register. Elements covered in the presentation included:

·         What is risk and the principles of risk management

·         Risk management cycle

·         Resources, tolerance and risk appetite

·         Who’s responsible for risk

·         A demonstration of the upgraded TEN system which officers use to manage and score risks

In response to comments raised, the Procurement and Risk Manager noted he would investigate if it was possible to create reports that showed changes to individual risk profiles over time.

The Chairman thanked the manager for his comprehensive presentation.

Members were content to note the Forward Plan.