January 2022
Minutes of the Finance Committee of Market Rasen Town Council, held on Wednesday 26th January 2022 at 6.30pm in the Committee Room adjacent to the Festival Hall, Caistor Road, Market Rasen.
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Present:
Councillor Harrold (Committee Chairman), Councillor Bunney, Councillor Taylor, and Councillor Lakin-Whitworth.
In attendance:
Lucy Waller – Town Clerk and Responsible Financial Officer (RFO)
The Meeting opened at 18:30
1. Chairman’s opening remarks
The Chairman welcomed members to the meeting.
2. To approve and accept Apologies for absence and reasons given.
Apologies were received from Councillor M. Hassan; it was RESOLVED to accept the apologies.
3. To receive any declarations of interest in accordance with the requirements of the localism Act 2011 and to consider any applications for dispensations in relation to Disclosable Pecuniary Interests.
None
4.To resolve to approve the draft minutes of the last meeting, held on 17th November 2021 as a correct record
It was RESOLVED to approve the draft minutes of the last meeting, held on 17th November 2021, as a correct record.
5. To NOTE the detailed income and expenditure report to end of Quarter 3 - 2021/22 and CONSIDER any necessary budget virements.
Members noted the report and discussed any significant variances. The Clerk was asked to make contact with the relevant party in relation to outstanding section 106 funds to query the likely timeframe. It was noted that the ear marked reserves for 2022/2023 would be decided by full council once the end of year financial situation was clear.
6. To NOTE the internal control checklist for Q2 2021/22(to follow) and NOMINATE a member to undertake the internal control checklist for Q3 2021/22.
Members noted the checklist and Councillor Harrold was nominated to undertake the checks for Q3 2021/22
7. To NOTE a report on the banking switch to Unity Trust Bank and RESOLVE any necessary action.
Members noted the report, and it was RESOLVED to:
- Contact the other party regarding an overpayment due to bank error.
- Maintain the current account at approx. £30,000 leaving the remainder of council funds in the savings account and transfer funds as necessary to the current account.
8. To NOTE the RFO review of the effectiveness of the system of internal control.
Members noted and approved the report, and it was RESOLVED to address cash handling training with relevant staff members in house. This was to also include reviewing current processes against best practice and making any necessary improvements. It was stressed that cash payments were not favoured by the council and are taken only when no other method of payment is possible.
9. To NOTE that there are no current debtors to report.
Members noted that there were no current debtors to report.
The meeting closed at 19:00