Although not a committee member, apologies had been received from Councillor Watkin, Portfolio Holder.

Councillor Nembhard was absent without apologies.

There were no disclosures of interest.

The minutes of the meeting held on 12 September 2023 to be submitted and signed.

The minutes of the meeting of Finance Scrutiny Committee held on 12 September 2023 were signed.

Report of the Senior Democratic Services Officer

The Senior Democratic Services Officer delivered her report to the committee. 

Training presentation from the Chief Finance Officer

The committee heard a training presentation from the Chief Finance Officer.

Report of the Chief Finance Officer

The committee received the report of the Chief Finance Officer.  Following this the officer responded to questions on the following issues from the committee members:

·        Temporary accommodation budget.

·        Ring-fenced housing grants.

·        Rephasing of Hart Homes scheme as it was not viable in its current form.

·        Provisional offer of £16.3 million Government grant for the Colosseum and the Innovation and Incubation Hub.

·        Reasons for rephasing of various budgets.

·        The £65,000 for town boundary signage (see recommendation 2 below). 

·        The importance of replenishing the reserve budgets. 

·        High risk of donating to the paddling pools, explained as target income was unlikely to be met and alternative models to generate income. 

There was a very lengthy discussion on how best to ensure the Finance Scrutiny Committee properly scrutinises the council’s expenditure and budget management.  Members expressed a desire to have better access to costs and budget information.   

ACTIONS –

1.      The Chief Finance Officer to advise members of the cost to the council for each litter picker supplied by Veolia.  

2.      The Associate Director of Property and Asset Management to provide figures for the number of social housing units provided under the Mayoral Commitment. 

            RESOLVED –

1.      that the Finance Scrutiny Committee has considered the Financial Monitoring Report for 2023/24 and noted both the revenue and capital forecasts for 2023/24.

2.      that the Finance Scrutiny Committee recommends to Cabinet that, given the current financial position, there is a careful prioritisation of costs and that they re-examine the decision for the boundary signage. 

3.      that the Chief Finance Officer look at ways to improve the provision of costing and budgetary information to the committee. 

The Chair to move: that, under Section 100A (4) of the Local Government Act 1972, the public and press be excluded from the meeting for the following items of business as it is likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during consideration of the items there would be disclosure to them of exempt information as defined in Section 100(1) of the Act for the reasons stated below in terms of Schedule 12A.

Note: if approved, the Chair will ask members of the press and public to leave the meeting at this point.

The Chair moved: that, under Section 100A (4) of the Local Government Act 1972, the public and press be excluded from the meeting for the following items of business as it is likely, in view of the nature of the business to be transacted or the nature of the proceedings, that if members of the public were present during consideration of the items there would be disclosure to them of exempt information as defined in Section 100(1) of the Act for the reasons stated in the agenda in terms of Schedule 12A.

RESOLVED –

That the press and public be excluded from the meeting. 

The Associate Director of Property and Asset Management and representatives of Lambert, Smith Hampton Investment Management will provide an update to the committee.

This update is considered Part B in accordance with Paragraph 3, Part 1, Schedule 12A, as it contains commercially sensitive information.

The committee heard further details about the council’s investment portfolio, which was managed by the Property Investment Board. 

The Associate Director of Property and Asset Management and representatives of Lambert Smith Hampton Investment Management will provide an update to the committee.

This update is considered Part B in accordance with Paragraph 3, Part 1, Schedule 12A, as it contains commercially sensitive information.

The committee received an update on Croxley Park.