The Finance, Audit and Risk Committee of North Hertfordshire Council met on 19 June 2024 to discuss the Draft Revenue Budget Outturn for 2023-24, the Integrated Capital and Treasury Strategy Year End Review, and the Leisure Investment and Decarbonisation Project. Key decisions included the approval of the Draft Revenue Budget Outturn and the endorsement of the Leisure Investment and Decarbonisation Project.

Draft Revenue Budget Outturn 2023-24

The committee reviewed the Draft Revenue Budget Outturn 2023-24 report FAR. The report highlighted significant variances in the budget, detailed in Appendix A - 2023-24 Significant Variances. The committee approved the report, noting the importance of accurate financial forecasting and budget management. Councillors discussed the impact of inflation and unexpected expenses on the budget, with one councillor stating, We must remain vigilant and adaptable to ensure financial stability.

Integrated Capital and Treasury Strategy Year End Review

The Uploaded Cabinet Integrated Capital and Treasury Strategy Year End Review 2024 was presented, outlining the council's capital investments and treasury management performance. The review included Capital App A 2324 and Uploaded Appendix B Annual-TM-Review-Report-English-2023-24-240405. The committee noted the positive outcomes of the strategy, including improved liquidity and reduced borrowing costs. However, concerns were raised about future interest rate fluctuations and their potential impact on the council's finances.

Leisure Investment and Decarbonisation Project

The committee discussed the Leisure Decarbonisation June 2024 Part 1 and LEISURE INVESTMENT AND DECARBONISATION PROJECT ANSWERS TO OS QUESTIONS 19th-Jun-2024 19.30 Financ. The project aims to reduce carbon emissions from leisure facilities and invest in sustainable infrastructure. The committee endorsed the project, emphasising its alignment with the council's environmental goals. One councillor remarked, This project is a crucial step towards achieving our net-zero targets and enhancing the quality of our leisure services.

Risk Management

The Risk Management cover report FAR was reviewed, highlighting key risks and mitigation strategies. The committee discussed the importance of proactive risk management, particularly in light of economic uncertainties and environmental challenges. The report included Appendix B Archived Risks and Appendix C New Risks, which provided detailed insights into the evolving risk landscape.

Annual Governance Statement

The AGS Committee Report FAR June 2024 - FINAL and AGS 202324 were presented, outlining the council's governance framework and effectiveness. The committee approved the statement, acknowledging the importance of robust governance practices in maintaining public trust and accountability.

SIAS Annual Assurance Statement and Internal Audit Annual Report

The NHC - SIAS Annual Assurance Statement and Internal Audit Annual Report 2023-24 issued 05.06.24 was reviewed, providing an overview of the council's internal audit activities and assurance levels. The report highlighted areas of improvement and recommended actions to enhance internal controls and risk management processes. The committee expressed satisfaction with the report's findings and endorsed the recommended actions.