Agenda and draft minutes
Venue: Committee Room, 1st Floor, Town Hall, Mulberry Place, 5 Clove Crescent, London, E14 2BG
Contact: Steve Cutting, Democratic Services Tel: 020 7364 4651, E-mail: steven.cutting@towerhamlets.gov.uk
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APOLOGIES FOR ABSENCE To receive any apologies for absence. Minutes: Apologies for absence were received from Councillor T. Archer.
NOTED
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DECLARATIONS OF INTEREST To note any declarations of interest made by Members, including those restricting Members from voting on the questions detailed in Section 106 of the Local Government Finance Act, 1992.
Minutes: No declarations of interest were made.
NOTED
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ELECTION OF VICE-CHAIR FOR THE MUNICIPAL YEAR 2006/07 Minutes: RESOLVED
That Councillor J. Peck be elected Vice-Chair of the Pensions and Accounts Committee for the Municipal Year 2006–2007.
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UNRESTRICTED MINUTES To confirm as a correct record of the proceedings the unrestricted minutes of the ordinary meeting of the Pensions and Accounts Committee held on 16th March 2006. Minutes: RESOLVED
That the unrestricted minutes of the meeting of the Pensions and Accounts Committee held on 16th March 2006 be approved and signed by the Chair as a correct record of the proceedings.
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PENSIONS AND ACCOUNTS COMMITTEE TERMS OF REFERENCE REPORT Minutes: The Committee’s Terms of Reference and dates of meetings for the remainder of the municipal year were tabled for Members’ information.
In response to a question from Cllr Alexander, Mr Alan Finch, the Service Head of Corporate Finance, provided the Committee with an overview of its role and the role of the Investment Panel.
RESOLVED
1) That Councillor Mark Francis’s membership of the Committee be included in the Terms of Reference report;
2) That the quorum of the Committee, no less than one third of the voting membership of the Committee i.e. three Members, be noted;
3) That the Committee’s Terms of Reference, as set out in Appendix A to the report, be noted.
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DEPUTATIONS & PETITIONS To receive any deputations or petitions. Minutes: None were received.
NOTED
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UNRESTRICTED REPORTS FOR CONSIDERATION |
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Pensions Fund Investment Panel Minutes: The Committee received a report from Mr Jim Ricketts, the Manager of Corporate Accounting, which advised of the current arrangements for the provision of investment advice to the Committee and recommended that these arrangements continue. It also advised of changes to regulations that required Member training as well as alternative arrangements for the meetings of the Investment Panel.
RESOLVED
1) That an Investment Panel be established;
2) That the membership of the Investment Panel comprise: · All members of the Pensions and Accounts Committee or their designated deputies; · An Investment Professional as Chair; · An Independent Financial Advisor; · The Director of Resources or nominee;
3) That up to two Trade Union representatives (or their designated deputies) as nominated by the Staffside Secretary attend the Investment Panel as observers;
4) That the terms of reference for the Investment Panel as set out in Appendix 1 of the report be approved;
5) That the Director of Resources, in consultation with the Chair, prepare a programme of training on investment issues for Members of the Investment Panel, and invite Members accordingly;
6) That the Investment Panel meet on 5 September as scheduled, and then on Thursday 14 December at 6:00 pm, prior to the Pensions and Accounts Committee at 7:30 pm, subject to the confirmation and the availability of the investment professionals.
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Statement of Internal Control Minutes: The Committee received a report from Mr Richard Ellis, the Service Head of Risk Management, which summarised the framework for reviewing and reporting on the Council’s system of internal control in line with the Accounts and Audit Regulations 2003. The statement also set out the areas warranting further attention during the current year.
The Committee sought clarification on the issues that were raised by the review and whether there had been any conflicts of opinion between internal and external auditing. Mr Ellis explained that they consult with the Audit Commission on the conduct of audits. Over a hundred items of work had been conducted and that therefore a significant number of issues were raised. He was not aware of any conflict with Audit Commission findings.
RESOLVED
That the Statement on Internal Control 2005/06 as set out in Appendix Three in the Report be approved.
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Statement of Accounts 2005/06 Minutes: The Committee received a report from Mr Alan Finch, the Service Head of Corporate Finance, which presented the Authority’s draft Statement of Accounts for the financial year ending 31 March 2006, prior to Audit. During his introduction, Mr Finch raised two amendments to the report, which were received. The Committee raised a number of questions and points of clarification in relation to the Statement of Accounts, which were addressed by Officers.
RESOLVED
1) That a minor, neutral amendment to the Balance Sheet on page 83 of the Agenda, showing “Debtors” as £102,324 and “Creditors” as £130,568, be noted;
2) That the draft final Statement of Accounts for the financial year ending 31st March 2006 (as amended above) be approved;
3) That it be noted that the Accounts would now be submitted for audit with those amendments.
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Exclusion of Press and Public In view of the contents of the remaining items on the agenda, the Committee is recommended to adopt the following motion:
“That, under the provisions of Section 100A of the Local Government Act, 1972 as amended by the Local Government (Access to Information) Act, 1985, the Press and Public be excluded from the remainder of the meeting for the consideration of the Section Two business on the grounds that it contains information defined as Exempt in Part 1 of Schedule 12A to the Local Government, Act 1972”.
EXEMPT/CONFIDENTIAL SECTION (PINK)
Minutes: RESOLVED
That, under the provisions of Section 100A of the Local Government Act, 1972 as amended by the Local Government (Access to Information) Act, 1985, the Press and Public be excluded from the remainder of the meeting for the consideration of the Section Two business on the grounds that it contains information defined as Exempt in Part 1 of Schedule 12A to the Local Government Act, 1972.
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Pension Fund Management Arrangements Minutes: SUMMARY OF EXEMPT PROCEEDINGS
RESOLVED
That the recommendations be agreed, including that Councillor L. Alexander be the representative of the Minority Group. |