08-06-24 G&F MINS

 

MINUTES OF THE LOUTH TOWN COUNCIL GOVERNANCE AND FINANCE COMMITTEE
HELD IN THE OLD COURT ROOM, THE SESSIONS HOUSE, LOUTH
ON TUESDAY 6^th AUGUST 2024

                                                                                      

Councillor Mrs. E. Ballard (Mrs. EB) (in the chair).

Present Councillors: J. Baskett (JB), L.M. Cooney (LMC), J. Drake (JD), D, Hobson (DH), Mrs. J. Makinson-Sanders (Mrs. JMS), J. Simmons (JS), P. Starsmore (PS), Mrs. P.F. Watson (Mrs. PFW), D.E. Wing (DEW).

 

Councillors not present: M. Barnes (MB), G.E. Horton (GEH), D. Moore (DM), Mrs. K. Parsons (Mrs. KP).

The Town Clerk, Mrs. L.M. Phillips and the Town Clerk’s Assistant, Miss S. Chitauro were also present.

• Apologies for Absence
  Apologies were received from Cllrs. HF, GEH, DM, Mrs. KP.
• Declarations of Interest / Dispensations
  There were no declarations of interest or dispensations made.
• Minutes
  It was RESOLVED that the notes of the Governance and Finance Committee meeting held on 18^th June 2024 be approved as the minutes.
• Finance
  On a recommendation by FOG, it was RESOLVED to note/approve/authorise the following:
  11. Month 1
      1.   Cash Book 1         Receipts     £159,938.13            Payments       £58,691.34
  12. Cash Book 2 Receipts           £250.00            Payments        £51.54
  13. Month 2
      1.   Cash Book 1         Receipts        £3,427.07            Payments       £24,080.90
  14. Cash Book 2 Receipts               £0.00            Payments        £95.37

2024. Detailed Income and Expenditure Report (Budget Variance Report) as at Month 2 to 31^st May 2024.
2025. Earmarked Reserves Report as at 31^st May 2024.
2026. Balance Sheet and Cash Book 1 and 2 Bank Reconciliations as at 31^st May 2024 which reconcile to account statements showing balances as follows:
      956. Lloyds Treasurers Account (balance at 31/05/24 on statement 2) – £374,956.42.
      957. Petty Cash (balance as at 31/05/24 – £157.17.

• Lloyds Deposit Account (balance on statement 2 printed 30^th July 2024) – £166,652.51.

300. National Savings and Investment Account (shown on last statement no.12) – £112,300.42.

• Investment Policy

The Committee received a draft Investment Policy and it was agreed that Cllrs. would take the document home to peruse before voting on its adoption, after a recommendation by FOG, at the next scheduled Town Council meeting taking place on 27^th August 2024.

 

• Grants
  The Committee noted that the Council’s Grant Application Process for 2024/25 had opened, the details and application for which could be found on the Town Council’s website.
• Next Meeting
  It was noted that the date of the next scheduled Governance and Finance Committee meeting was 8^th October 2024.

 

The Meeting Closed at 10.05pm.

 

 

Signed_______________________ (Chairman)                Dated_________________________