Agenda and draft minutes

The Committee is asked to approve, as a correct record, the minutes of the meeting held on 30^th January 2024.

The minutes of the previous meeting held on 30 January 2024 were approved as a correct record.

Members of the Committee are invited to declare interests in any agenda items.

There were no declarations of interest.

Report of the Strategic Director, Resources and Digital

The Committee received a report providing an overview of the work to be undertakento produce the Annual Governance Statement for 2023/24 which demonstrates the level of assurance that can be given to the Council’s control systems and governance arrangements.

RESOLVED:

(i)            The Committee agreed the Assurance Framework as reported.

Report of the Strategic Director, Resources and Digital.

The Committee received a report to review the Treasury Management 2023/24 performance for the nine months to 31 December 2023 covering investments and borrowing. The Committee were reminded that this is consistent with approved performance management arrangements.

RESOLVED:

(i)            The Committee noted the Treasury Management Performance to 31 December 2023.

Report of the Strategic Director, Resources and Digital

The Committee received a report to review the proposed Trasury Policy Statement and Treasury Strategy for 2024/25 to 2028/29 prior to consideration by Cabinet.

RESOLVED:

(i)            The Committee reviewed and endorsed the recommendations on the Treasury Policy and the Treasury Strategy.

Report of the Strategic Director, Resources and Digital

The Committee received a report providing an update on the Government’s consultation around proposals to address the local audit backlog and embed timely audits.

The Committee noted that the joint statement set out three phases of measures to address the audit backlog:

Phase 1: Reset – this involves clearing the backlog of historical audit opinions

up to and including the financial year 2022/23 by 30 September 2024. This

phase is not applicable to Gateshead Council as all audits up to and including

2022/23 have now been completed.

Phase 2: Recovery – introducing audit backstop dates to prevent the

recurrence of the backlog and allowing audit assurance to be built up over

multiple audit cycles.

Phase 3: Reform – addressing the systematic challenges in the local audit systems to embed timely financial reporting and audit.

RESOLVED:

(i)            The Committee noted the report.

Report of the Strategic Director, Resources and Digital

The Committee received a verbal update highlighting that Gateshead had produced good quality accounts at Phase 1 as expected. The Committee also noted that value for money work is to be concluded in due course.

RESOLVED:

(i)            The Committee noted the verbal update.