MINUTES OF THE LOUTH TOWN COUNCIL GOVERNANCE AND FINANCE COMMITTEE
HELD IN THE OLD COURT ROOM, THE SESSIONS HOUSE, LOUTH
ON TUESDAY  22ND FEBRUARY 2022

 

Present                                         Councillor Mrs. J Simmons (JS), (in the chair).

 

Councillors:       J. Baskett (JB), M. Bellwood (MB), L. Cooney (LMC), D. Ford (DF), D.J.E. Hall (DJEH), D. Hobson (DH), G. Horton (GEH), A. Leonard (AL), Mrs. S.E. Locking (SEL), Mrs. J. Makinson-Sanders (JMS), K. Norman (KN), J. Simmons (JS) and Mrs. P.F. Watson (PFW).

 

Councillors not present: Mrs. E. Ballard (EB), S. Crew (SC), H. Filer (HF), J. Garrett (JG), F.W.P. Treanor (FWPT) and D.E. Wing (DEW).

 

The Town Clerk, Mrs. L.M. Phillips and the Town Clerk’s Assistant, Mrs. M.C. Vincent were also present.

It was RESOLVED that Cllr. Mrs. SEL would act as Vice Chairman for the meeting.

 

 

G23.        Apologies for Absence
Apologies for absence were received from: Cllrs. Mrs. EB, SC, HF, JG, FWPT and DEW.

 

G24.        Declarations of Interest / Dispensations

a.      Cllr. Mrs. JMS – items connected to Hubbard’s Hills Trust.

b.     Cllr. AL – items connected to Hubbard’s Hills Trust.

 

G25.        Minutes
It was RESOLVED that the notes of the Governance and Finance Committee Meeting held on 7th December 2021 be approved as the Minutes.

 

G26.        Finance
It was RESOLVED to approve and authorise the following: Receipts and Payments – Cashbooks 1 and 2 – Months 7 – 9

i.     Month 7

1.           Cash Book 1            Receipts        £2,504.29 Payments                £18,368.00

2.           Cash Book 2            Receipts           £150.00 Payments                £197.07

ii.    Month 8

1.           Cash Book 1            Receipts        £4,100.32 Payments               £19,969.33

2.           Cash Book 2            Receipts           £250.00 Payments               £232.91

iii.    Month 9

1.           Cash Book 1            Receipts        £3,550.37 Payments               £7,438.32

2.           Cash Book 2            Receipts           £150.00 Payments               £309.13

b.     Detailed Income and Expenditure Report (Budget Variance Report) as at Month 9 to 31st December 2021.

c.      Earmarked Reserves Report as at 31st December 2021.

d.     Balance Sheet to 31st December 2021 and Cash Book 1 and 2 Bank Reconciliations which reconciled to account statements showing balances as follows:

i.     Lloyds Treasurers Account (balance on statement 61) – £421,237.03

ii.     Petty Cash (balance as at 31st December 2021) – £22.50

iii.     Lloyds Deposit Account (balance last obtained 25th May 2021) – £166,650.51

iv.     National Savings and Investment Account (balance on statement 9) – £111,323.47

 

G27.        Insurance

The Council noted that valuations of Council properties for insurance purposes had now been undertaken and that the replacement valuations were substantially higher than values currently listed. The Clerk advised the Council that this being the case, the cost of the insurance premium for the council (new term due shortly) might be substantially higher and may be higher than the budget set.

 

G28.        Next Meeting

The Committee noted that the date of the next scheduled Governance and Finance Committee meeting would be on 22nd March 2022.

 

 

The Meeting Closed at 8.42pm.

 

 

 

 

Signed_______________________ (Chairman)                Dated_________________________