NORTH YORKSHIRE COUNTY COUNCIL

NORTH YORKSHIRE COUNTY COUNCIL

AUDIT COMMITTEE

23 October 2023

PROGRESS ON ISSUES RAISED BY THE COMMITTEE

Joint Report of the Corporate Director – Strategic Resources

and the Assistant Chief Executive (Legal and Democratic Services)

1.0	PURPOSE OF THE REPORT
1.1	To advise Members of
	(i) progress on issues which the Committee has raised at previous meetings
	(ii) other matters that have arisen since the last meeting and that relate to the work of the Committee

2.0 BACKGROUND

2.1 This report is submitted to each meeting listing the Committee’s previous Resolutions and / or when it requested further information be submitted to future meetings. The table below represents the list of issues which were identified at previous Audit Committee meetings and which have not yet been resolved. The table also indicates where the issues are regarded as completed and will therefore not be carried forward to this agenda item at the next Audit Committee meeting.

Date	Minute number and subject	Audit Committee Resolution	Comment	Complete?
28.11.22	43 – Commercial Governance Review	That a further report be submitted to a future meeting of this Committee post LGR.	To be arranged post 1 April 2023.	x
20.03.23	51 – Treasury Management Strategy	That refresher training in Treasury Management, involving the Council’s advisors, be arranged	This training was held on 18^th July, 2023	ü

Date

Minute number and subject

Audit Committee Resolution

Comment

Complete?

28.11.22

43 – Commercial Governance Review

That a further report be submitted to a future meeting of this Committee post LGR.

To be arranged post 1 April 2023.

20.03.23

51 – Treasury Management Strategy

That refresher training in Treasury Management, involving the Council’s advisors, be arranged

This training was held on 18^th July, 2023

3.0 TREASURY MANAGEMENT

3.1 The Bank of England increased interest rates again in August, from 5.00% to 5.25%. However, at its meeting in September, the Monetary Policy Committee (MPC) kept rates on hold for the first time in 15 meetings – voting 5-4 in favour of maintaining base rate at 5.25%.

In the immediate aftermath of the decision, markets have concluded that rates will either have peaked at 5.25% or that there may be one more increase to come before the tightening cycle is concluded.

The Council’s Treasury Advisors, Link, have now revised their own Interest Rate forecasts on 25 September 2023. It is now forecast that there will be no further increases and that rates will start to gradually fall from September 2024, falling to 2.75% by December 2025.

4.0 RECOMMENDATION

4.1 That the Committee considers whether any further follow-up action is required on any of the matters referred to in this report.

GARY FIELDING

Corporate Director – Strategic Resources

BARRY KHAN

Assistant Chief Executive

(Legal and Democratic Services)

County Hall

NORTHALLERTON

23 October 2023

Background Documents: Report to, and Minutes of, Audit Committee meetings held on 20 March 2023