July 2021
Minutes of the Finance Committee of Market Rasen Town Council, held on Monday 26th July 2021 at 6pm in the Council Office adjacent to the Festival Hall, Caistor Road, Market Rasen.
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Present:
Councillor Harrold (Committee Chairman), Councillor Bunney, Councillor Hassan, and Councillor Lakin-Whitworth.
In attendance:
Lucy Waller – Town Clerk and Responsible Financial Officer (RFO)
The Meeting opened at 18:00
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 N. Taylor; 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 elect a Vice-Chairmen of the committee.
It was RESOLVED to elect Councillor M. Hassan as Vice-Chairman.
5. To resolve to approve the draft minutes of the last meeting, held on 19th April 2021 as a correct record.
It was RESOLVED to approve the draft minutes of the last meeting, held on 19th April 2021 as a correct record.
6. To note the detailed income and expenditure report to end of Quarter 1 2021/22.
The report was noted along with the RFO notes in relation to any significant variances. During discussion, the following items were highlighted:
- The current budgeted figure for Market rent was inaccurate as the actual cost had not been known at the time of budgeting, this would need to be addressed within the PWLB application.
- It was requested that the £45,000 due from S106 funds, but not yet received, be removed from the accounts at year end.
7. To note the internal control checklist for Q4 2020/21 and nominate a member to undertake the internal control checklist for Q1 2021/22.
Members noted the completed checklist and Councillor Hassan was nominated to undertake the internal control checklist for Q1 2021/22.
8. To note the yearend report of the Internal Auditor and resolve any necessary action.
Members noted the report, and it was highlighted that the recommendations for best practice when tendering would be actioned for any future tenders -otherwise there were no finance actions required.
9. To note an update on VAT reclaim against exempt activity in respect of current projects:
Members noted the report and accepted the expert recommendation that the VAT claimed against exempt activities be averaged over a 7-year period to allow for the reclaim of VAT in relation to the Old Police Station windows and the Festival Hall roof.
10. To resolve that under the public bodies (admission to meetings) act 1960, the public and representatives of the press and broadcast media be excluded from the meeting during the consideration of the following items of business as publicity would be prejudicial to the public interest because of the confidential nature of the business to be transacted.
The above RESOLUTION was passed.
11. Debtors List.
Members noted the report.
The Meeting closed at 18:28