|
Audit, Risk and Finance Committee Kōmiti Arotake Tūraru me Ahumoni
ARF24-2 Tuesday, 4 June 2024, On conclusion of
the Council Chambers,1484 Cameron Road, Tauranga
|
|
Audit, Risk and Finance Committee Kōmiti Arotake Tūraru me Ahumoni
ARF24-2 Tuesday, 4 June 2024, On conclusion of
the Council Chambers,1484 Cameron Road, Tauranga
|
|
4 June 2024 |
Audit, Risk and Finance Committee
Membership:
|
Chairperson |
Cr Murray Grainger |
|
Deputy Chairperson |
Cr Tracey Coxhead |
|
Members |
TBC Cr Grant Dally Mayor James Denyer Cr Anne Henry Cr Rodney Joyce Cr Margaret Murray-Benge Deputy Mayor John Scrimgeour Cr Allan Sole Cr Don Thwaites Cr Andy Wichers Stuart Henderson – Independent Member |
|
Quorum |
Seven (7) |
|
Frequency |
Quarterly |
Role:
The main purpose of the Committee is to assist Council in providing oversight of matters relating to the quality and integrity of financial reporting, independence and performance of the external auditors, effectiveness and objectivity of the internal audit programme, and oversight of business risks and compliance activities.
Scope:
Responsibilities:
· Assist Council in fulfilling its responsibilities for financial statements and external financial reporting.
· Monitor the Council’s external and internal audit process and the resolution of any issues that are raised.
· Review key formal external accountability documents such as the Annual Report in order to provide advice and recommendation in respect to the integrity and appropriateness of the documents and the disclosures made.
· Provide a forum for communication between management, internal and external auditors and the governance level of Council.
· Ensure the independence and effectiveness of Council’s internal audit processes, with oversight of the internal audit programme and findings.
· Oversee the development of the Council’s Annual Report.
· Oversee the development and management of financial policies and delegations.
· Monitor existing corporate policies and recommend new corporate policies to prohibit unethical, questionable or illegal activities.
· Support measures to improve management performance and internal controls.
Responsibilities:
Audit (internal and external):
· Ensure appropriate accounting policies and internal controls are established and maintained and
· assist Council in ensuring the effective and efficient management of all business risks.
· Ensure an appropriate framework is maintained for the management of strategic and operational risk (including risk appetite). Review risk including technical insurance matters
· and participation in national risk management practices, health and safety risk management and implementation of risk management processes.
· Review the effectiveness of the Long Term Plan audit or any audit relating to an amendment to the Long Term Plan
· Review the effectiveness of the annual audit.
· Monitor management response to audit reports and the extent to which the external audit recommendations concerning internal accounting controls and other matters are implemented.
· Monitor the delivery of any internal audit work programme and implementation of any significant recommendations including control risk, accounting and disclosure practices.
· Engage with Councils external auditors regarding the external work programme and agree the terms and arrangements of the external audit in relation to the Annual Report.
· Engage with internal and external auditors on any specific one-off audit assignments.
· Review the effectiveness of the control environment established by management including the computer information management systems controls and security. This also includes a review/monitoring role for relevant policies, processes, and procedures.
Risk management:
· Review the Risk Management Framework, and associated procedures to ensure they are current, comprehensive and appropriate for the effective identification and management of Council’s financial and business risks including fraud and cyber security.
· Review the effectiveness of the system for monitoring Council’s financial compliance with relevant laws, regulations and associated government policies.
· Review whether a sound and effective approach has been followed in establishing Council’s business continuity planning arrangements.
· Review Council’s Fraud Policy to determine that Council has appropriate processes and systems in place to capture and effectively investigate fraud related information.
Financial:
· To monitor the operational performance of Council’s activities and services against approved levels of service.
· Monitor financial performance against any Council approved joint contracts with other local authorities.
· Report financial outcomes and recommend any changes or variations to allocated budgets including both operational and capital expenditure.
· Provide oversight of legal risks, claims or proceedings (excluding the approval of any legal settlements).
· Recommend the adoption of the Annual Report and the approval of the Summary Annual Report to Council.
Power to Act:
The Committee is delegated the authority to:
· Receive and consider external and internal audit reports.
· Receive and consider staff reports on audit, internal control and risk management policy and procedure matters as appropriate.
· To approve the Auditors engagement and arrangement letters in relationship to the Annual Report.
Power to Recommend:
To make recommendations to Council and/or any Committee as it deems appropriate.
Power to sub-delegate:
The Committee may delegate any of its functions, duties or powers to a subcommittee, working group or any other subordinate decision-making body, subject to the restrictions on its delegations and provided any sub-delegation includes a statement of purpose and a specification of task.
|
Audit, Risk and Finance Committee Meeting Agenda |
4 June 2024 |
Notice is hereby given that an Audit, Risk and Finance Committee Meeting will be held in the Council Chambers,1484 Cameron Road, Tauranga on: Tuesday, 4 June 2024 on conclusion of the Projects and Monitoring Committee meeting starting at 9.30am
10.1 IANZ Accreditation - Western Bay of Plenty District Council Building Consenting Authority
10.3 Independent Assurance Report of the Debenture Trust Deed for the year ended 30 June 2023
10.4 Audit New Zealand Audit Plan and Engagement Letter
10.5 Financial Performance Update Quarterly Report 31 March 2024
10.6 Risk and Assurance Report June 2024
11.1 Audit, Risk and Finance Committee Work Programme
12 Resolution to Exclude the Public
12.1 Litigation and Issues Watch Register Update June 2024
|
Whakatau mai te wairua Whakawātea mai te hinengaro Whakarite mai te tinana Kia ea ai ngā mahi
Āe |
Settle the spirit Clear the mind Prepare the body To achieve what needs to be achieved. Yes |
2 Present
Members are reminded of the need to be vigilant and to stand aside from decision making when a conflict arises between their role as an elected representative and any private or other external interest that they may have.
A period of up to 30 minutes is set aside for a public forum. Members of the public may attend to address the Board for up to five minutes on items that fall within the delegations of the Board provided the matters are not subject to legal proceedings, or to a process providing for the hearing of submissions. Speakers may be questioned through the Chairperson by members, but questions must be confined to obtaining information or clarification on matters raised by the speaker. The Chairperson has discretion in regard to time extensions.
Such presentations do not form part of the formal business of the meeting, a brief record will be kept of matters raised during any public forum section of the meeting with matters for action to be referred through the customer relationship management system as a service request, while those requiring further investigation will be referred to the Chief Executive.
|
4 June 2024 |
10.1 IANZ Accreditation - Western Bay of Plenty District Council Building Consenting Authority
File Number: A5973325
Author: Nigel Mogford, Building Services Manager
Authoriser: Alison Curtis, General Manager Regulatory Services
Executive Summary
The purpose of this report is to provide Elected Members an update on the independent report from International Accreditation New Zealand (IANZ) on the functions and activities performed by Council’s regulatory building services team in its role as a Building Consenting Authority (BCA).
|
That the Building Services Manager’s report dated 4 June 2024 and titled ‘IANZ Accreditation - Western Bay of Plenty District Council Building Consenting Authority Report’ be received. |
Background
1. The Building Act 2004 and the Building (Accreditation of Building Consent Authorities) Regulations 2006 require all Councils to have policies and procedures in place for performing it’s building control functions, and have a quality system for assuring quality of its performance.
2. IANZ is the accreditation body that undertakes independent assessments of Building Consenting Authorities (BCA’s), to ensure on behalf of MBIE that consenting authorities are delivering services and performing in accordance with the legislative requirements.
3. IANZ auditors undertake an onsite assessment of a BCA to review the processes, and systems recorded in the BCA’s Quality Management System (QMS). The service delivery provided by the BCA is then measured against the documented QMS processes.
4. IANZ undertook an onsite assessment of the BCA performance and activities from 26 February to 29 February 2024. Council building services officers and team management engaged closely with the external assessment team over this period.
5. The assessment requires staff to provide information and demonstrate through it’s records, and staff knowledge how the BCA delivers it’s service. This information is also assessed as to alignment with documented QMS practices.
6. Council’s QMS must meets all the statutory requirements under the Accreditation Regulations, and supporting guidance and best practice documentation.
7. Feedback from IANZ on the BCA performance overall was extremely positive, and the following general comments were detailed by IANZ in their report:
(a) The assessment identified that the BCA had a well prepared and highly engaged team, who had a strong focus on continuous improvement.
(b) There were several notable areas that stood out to the assessment team. The BCA team was seen to ask thoughtful questions throughout the week’s discussions and the BCA team enthusiastically proposed ideas for resolving findings and actively participated during the daily summary meetings. It was observed that processing and inspections reason for decisions were generally considered to be at an appropriate level.
(c) The processing internal audit schedule was seen to be particularly robust and included good performance monitoring of each individual contractor conducting that building control function within the BCA’s quality assurance system.
8. The audit assessment report identified a number of areas that were required to be addressed as a result of the findings, these were identified as:
(a) Serious non-compliances- 1 identified
(b) General non-compliances- 14 identified
(c) Recommendations- 12 detailed
(d) Advisory notes- 2 detailed.
9. A summary of the non compliances and the BCA’s proposed actions to resolve these is provided as Attachment 1 to this report.
10. The only area of significant non-compliance was compliance with the statutory working day clock for processing building consents within 20 working days. This was a repeat finding from the 2022 assessment, hence it was escalated from a non compliance to a serious non compliance.
11. Officers have worked to address this area of non-compliance and are required to show evidence to demonstrate that this has been remedied. February results showed 96% compliance, March and April results show 100% compliance,. IANZ have based on this information identified that this non-compliance is now resolved.
12. There are identified steps that a BCA must follow to address the results identified in the audit assessment. These are as follows:
(a) BCA (Council) Prepare an action plan,
(b) IANZ review the action plan,
(c) The BCA submits evidence of actions taken,
(d) IANZ review of the evidence,
(e) Final date for submitting information/evidence is met,
(f) IANZ final clearance.
13. Council’s action plan has been prepared and has been provided to IANZ and accepted.
14. Officers have the action plan well underway and have provided evidence of the actions taken to date and these are being assessed by IANZ. A number of areas of non- compliance have been cleared by IANZ already, including the only serious non-compliance, with the statutory timeframes for processing. A further number of areas of evidence have yet to be submitted, at the time of this report.
15. The final close out date proposed by Council and accepted by IANZ for the assessment is 31 May 2024, and Officers are confident that that all matters will be cleared by this date.
16. Further notice that the accreditation report and final close out has been achieved by Council’s BCA will be provided to elected members.
1. Western
Bay of Plenty District Council BCA Accreditation Action Plan ⇩2024 
|
4 June 2024 |
File Number: A6039739
Author: Clint Boyle, Health, Safety and Wellbeing Lead
Authoriser: Adele Henderson, General Manager Corporate Services
Executive Summary
This report provides a summary quarter ending March 2024:
· An overview of our strategic direction; and
· The progress against the health, safety and wellbeing strategy and work programme.
· The health and safety performance across the organisation for the previous quarter;.
|
That the Health, Safety and Wellbeing Lead’s report dated 4 June 2024 titled ‘Health and Safety Report’ be received.
|
Strategic Direction
Our strategic focus continues to include improving health, safety and wellbeing knowledge, behaviours and outcomes for our people by empowering them to actively contribute to, and participate in, safety leadership.
 |
The work programme continues to be underpinned by the 2024 Strategy.
The primary elements include:
- Safety Leadership
- Risk Management
- Wellbeing
- Consultation and Engagement
- Contractor Management
- Incident Reporting and Investigation
- Systems and Reporting
Safety Management System
Our safety management system is underpinned by the Plan-Do-Check-Act model.
- Plan. Identify and assess the risks.
- Do. Eliminate or minimise the risks.
- Check. Monitor the control measures.
- Act. Review for continuous improvement.
For the most, our people effectively apply this methodology when managing their day to day operations, as evidenced by the low number of significant or potentially significant events. However, there is always for room improvement and this will continue to be an ongoing focus for 2024.
Risk Management
In consultation with the senior leadership, our Critical Risk Register has been reviewed. This has resulted in our critical risks reducing to a more realistic and manageable list of four critical risks:
- Violence, Aggression and Abuse
- Vehicles and Driving
- Mental Health and Wellbeing
- Lone working
The reduction in listed critical risks will enable much more robust review and management of these risks for our people, and will ensure that we are very deliberate in our actions aimed at reducing these risk factors to our people.
Our critical risks and subsequent controls are under review currently to ensure they are in place, fit for purpose, and effective.
Training
Our safety management system is primarily supported by our electronic system, Vault. This system has good functionality to capture training needs for various roles and enable our leaders to proactively manage the role specific training requirements for their people. This functionality is not used to its optimal level at present, with many People Leaders tracking this information outside of the system. While these processes are working sufficiently, with all of our people having completed the necessary training for their roles, there is a real opportunity to improve this for our leaders.
Our strategy highlights Safety Leadership and Systems and Reporting as key elements, which this improvement falls into.
Engagement and Due Diligence
Our Safety Committee continues to meet monthly to discuss issues raised by our people, the work plan ahead and to provide feedback on how health, safety and wellbeing is being managed for our people. There is often representation from Senior Leadership at these meetings, providing good due diligence of our operations and the hazards and challenges we face in our work.
Our leaders are provided with an in-depth update of our health and safety management performance through the quarterly people report, which is presented and discussed with the senior leadership team.
EVents of note
Our people were not involved in any events of note throughout the quarter.
One contractor sustained a Lost Time Injury throughout the quarter. Council staff worked with the contractor in understanding the incident and have reviewed the investigation report. The contactor sustained a fractured foot while installing a drainage pipe.
REVIEW OF PERFORMANCE
Summary - Event Type
Total event numbers increased for the March 2024 quarter, though the vast majority required no treatment. This suggests that our reporting culture remains strong. The number of physical injuries sustained decreased again, as did vehicle related events.
Reports of exposure to aggressive/abusive behaviour increased moderately through the quarter compared to the previous quarter, from 4 events up to 9. Risk and mitigation reviews on this critical risk are ongoing, as we continue to review and improve the health and safety for our people while interacting with our communities. None of the events in this quarter resulted in physical confrontation, suggesting that our people are reacting to this behaviour well. Training continues for our people to provide them with various response techniques, which are all well received by participants.
Vehicle related events were the second most common event type through this quarter, though there was a slight decline in actual events compared to the previous quarter. Consistent with last quarter, these were near misses rather than physical events, however it is positive to note that our near misses continue to be reported. There were no injuries sustained because of these events.
Contractor Events
Contractor events increased on last quarter, however, are down compared to the same quarter in 22/23. As outlined above, there was one significant event within our contractor works. The contractor undertook a thorough investigation, and are implementing a range of actions to prevent a repeat incident in future. Council staff continue to increase visibility with inspecting the works of our contractors, contributing to safer works occurring in our communities.
Lead Indicators
Our people are continuing to complete an increasing number of proactive safety inspections, using a variety of the checklists available. As previously outlined, these inspections are designed to identify issues before they result in an event. The inspections completed did not highlight any obvious areas for improvement.
Inspections
Inspections completed by month – last 12 months
Near Miss Reporting
Lag Indicators (Accident/Incident Frequency Rates)
Total Recordable Injury Frequency Rate (TRIFR) remained steady in the quarter. The TRIFR remains at an acceptably low rate however, continuing to demonstrate injury severity remaining low and good injury management processes.
Lost Time Injury Frequency Rate (LTIFR) remains at 0.00.
WELLBEING
The continued development of our mental health and wellbeing strategy and implementation plan was the main activity for the quarter. Our wellbeing representative group continues to meet frequently to identify and implement quick wins and to progress broader outcomes identified in our 2023 wellbeing survey. Current focus areas are job demand and mental health first aid.
National Bike Month was promoted, with a number of group rides occurring through the month of February. People were provided the opportunity to have their bikes serviced, and have any rides logged into a national competition with various categories.
Our wellbeing partner My Everyday Wellbeing facilitated a number of live webinars on prevalent topics, which were well attended by our people.
|
4 June 2024 |
10.3 Independent Assurance Report of the Debenture Trust Deed for the year ended 30 June 2023
File Number: A5939188
Author: Sarah Bedford, Finance Manager
Authoriser: Adele Henderson, General Manager Corporate Services
Executive Summary
1. The purpose of this report is to provide Elected Members with the Independent Assurance Report on the audit of Western Bay of Plenty District Council Debenture Trust Deed for the year ended 30 June 2023 (Attachment 1).
|
That the Finance Manager’s report dated 4 June 2024 titled ‘Independent Assurance Report of the Debenture Trust Deed for the Year Ended 30 June 2023’ be received. |
Background
2. The debenture trust deed covers the lending agreement with LGFA, and Audit NZ undertakes a limited independent assurance review of the records of held at Computershare for Council’s borrowing.
3. Computershare engages its own auditors to give assurance over its operations and record keeping. Audit NZ relies upon this work to give Council its limited assurance.
4. Following the adoption of the 2022-23 Annual Report on 14 December 2023, Audit New Zealand carried out an assurance review on Council’s Debenture Trust Deed (the Deed) in accordance with clause 12.2.6. 4. Audit New Zealand issued a non-standard audit to Council and Trustee Executors Limited (Council’s Debenture Trust administrator). These reports have been provided to the Elected Members.
1. Western
Bay of Plenty District Council Debenture Trust Deed - Independent
Assurance Report - 30 June 2023 ⇩ 
|
4 June 2024 |
10.4 Audit New Zealand Audit Plan and Engagement Letter
File Number: A6198021
Author: Sarah Bedford, Finance Manager
Authoriser: Adele Henderson, General Manager Corporate Services
Executive Summary
Audit New Zealand is Council’s audit service provider appointed by the Office of the Auditor General to perform audit and assurance services for public entities. This report contains the Audit Plan for the audit of Western Bay of Plenty District Council Annual Report for the year ending 30 June 2024, and the Audit engagement letter for the Audit of the Consultation Document and Long Term Plan 2024-34 for the period commencing 1 July 2024.
|
That the Finance Manager’s report dated 4 June 2024 titled ‘Audit New Zealand Audit Plan and Engagement letter’ be received. |
Background
Audit Plan for the Annual Report for the year ending 30 June 2024
Audit New Zealand provide Council with an outline of its scope for Audit for the year ending 30 June 2024. They will commence their first interim audit on 24 June 2024, their second interim audit on 15 July 2024 with the final audit being scheduled to commence 30 September 2024.
The focus areas for the year ending 30 June 2024 audits are:
· The fair value of assets
· Major capital projects
· The risk of management override of internal controls
Audit Engagement Letter: Audit of the Consultation Document and Long Term Plan 2024-34 for the period commencing 1 July 2024
The Auditor-General has appointed Leon Pieterse alongside his staff and resources to carry out the audit of the Council’s Consultation Document for the 2024-34 Long Term Plan.
The audit of the Consultation Document for the Long Term Plan 2024-34 has been completed. Audit have issued an unmodified opinion which contains an emphasis of matter on uncertainty over capital programme delivery.
Key legislative responsibilities of Audit NZ are to provide two separate reports as follows:
· On the consultation document, a report on:
o whether the consultation document gives effect to the purpose specified in section 93B; and
o the quality of the information and assumptions underlying the information in the consultation document.
· On the LTP, a report on:
o whether the LTP gives effect to the purpose in section 93(6); and
o the quality of the information and assumptions underlying the forecast information provided in the LTP.
1. Western
Bay of Plenty District Council's Audit Plan for the Annual Report for the year
ending 30 June 2024 ⇩
2. Western
Bay of Plenty District Council's Audit engagement letter for the Consulation
Document and Long Term Plan 2024-34 ⇩
|
4 June 2024 |
10.5 Financial Performance Update Quarterly Report 31 March 2024
File Number: A6232387
Author: Sarah Bedford, Finance Manager
Authoriser: Adele Henderson, General Manager Corporate Services
Executive Summary
This report provides the Audit, Risk and Finance Committee with the current Treasury Policy breaches in relation to interest rate hedging, which had been identified in previous financial reports.
|
That the Finance Manager’s report dated 4 June 2024 titled ‘Financial Performance Update Quarterly Report 31 March 2024’ be received. |
Summary - financials
1. The following is a summary of the financial performance for the period ended 31 March 2024 along with associated financial statements. (Refer to Attachment 1).
2. The current capital budgets are as per the adopted annual plan and approved carry-forward funding from the prior year.
3. The below table is a summary of financial performance for the 9 months ended 31 March 2024.
|
Statement of comprehensive revenue and expense |
Actual $000’s |
Budget YTD $000’s |
Variance $000’s |
|
Revenue |
96,956 |
120,920 |
(23,964) |
|
Expense |
93,044 |
95,010 |
1,966 |
|
Surplus/(deficit) |
3,912 |
25,910 |
(21,998) |
|
Total Revenue - Actual vs Budget YTD |
80% |
||
|
Total Expenses - Actual YTD vs Budget YTD |
98% |
||
|
Statement of financial position |
Actual YTD
|
Budget Full Year $000’s |
|
|
Assets |
1,937,243 |
1,848,490 |
|
|
Liabilities |
141,507 |
174,784 |
|
|
Equity |
1,795,736 |
1,673,706 |
|
4. Financial Performance – For the 9 months ended 31 March 2024 Council returned a surplus of $3.9M, noting this was lower than budget. This is due to lower than planned Subsidies and Grants related to Omokoroa Transport projects ($17m), lower Fees and Charges revenue, and lower Regulatory revenue as a result of the current economic climate. Where possible operating expenditure has been reduced to offset reduced income. However due to the complex funding of council an individual area may not be fully offset by year end and funding options may need to be considered to cover any deficit.
1. P09
March 2024 Q3 Quarterly Financial Report PDF ⇩ 
|
4 June 2024 |
10.6 Risk and Assurance Report June 2024
File Number: A6124171
Author: Pieter Labuschagne, Risk and Assurance Manager
Authoriser: Adele Henderson, General Manager Corporate Services
Executive Summary
The Risk and Assurance report is to provide the committee with information on the risk management and internal audit activities since the last Audit, Risk and Finance Committee meeting held on 27 February 2024. Council needs to consider the emerging risks and potential impacts for both the current financial year and the Long Term Plan 2024-34 during its development.
|
That the Risk and Assurance Manager’s report dated 4 June 2024 titled ‘Risk and Assurance Report June 2024’ be received. |
Background
1. The Risk and Assurance Report June 2024 provides an update on:
· Western Bay of Plenty District Council Strategic Risk Register;
· Emerging Risks and it’s linkage to Council Strategic Risks; and
· Council‘s 3-year rolling risk based Internal Audit Work Plan FYE 2025 to FYE 2027.
2. As part of the governance process the senior leadership team regularly takes a deep dive into a particular risk. For this period we are updating you on strategic risk 3 and community Sentiment, is amended with:
(a) Changes to how waters will be managed and the potential to establish stand alone entities.
(b) Community’s loss of trust in authority and scepticism (both in the central and local government) due to environmental changes impacting adversely on the community.
(c) The proposed amendments to the local electoral act regarding Māori wards
(d) The proposed treaty principles bill and;
(e) Rising inflation rates and interest rates put pressure on Council’s financial sustainability and capacity to deliver essential services, budgets and required careful financial planning and resource allocation.
3. Other heightening risk of note include:
- The ongoing uncertainty around government reforms.
- Waka Kotahi funding caps.
- Waka Kotahi funding implications for extreme weather events (1 in 10 year event increased to 1 in 20 year event).
- the outcome implications of national and local government reviews on emergency management agencies capabilities for handling extreme weather events,
4. Across the risks there are a number of key themes:
a) Change in government priorities and anticipated changes to government reforms (including resource management and three waters). These may have significant impacts on Council operations and decisions.
b) Affordability concerns for our ratepayers due to rising inflation, increasing interest rates, and deterioration of the economy. These factors impact ratepayers directly and also our rates that need to be levied.
c) The deliverability of programmes, which are being impacted by a wide range of factors including increasing costs, staff capacity and capability, availability of skilled contractors and the distraction from potential reforms.
5. The 3-year rolling risk based Internal Audit Work Plan that is aligned to the Council’s ten strategic risks and Council’s Corporate Assurance Framework will be presented at the September 2024 meeting.
1. Risk and Assurance Report June 2024
|
4 June 2024 |
11.1 Audit, Risk and Finance Committee Work Programme
File Number: A6207823
Author: Pieter Labuschagne, Risk and Assurance Manager
Authoriser: Adele Henderson, General Manager Corporate Services
Executive Summary
The Audit, Risk and Finance Committee (ARFC) work programme for 2024 is to assist the Committee with items that are set out in their Terms of Reference. The purpose of the work programme is to provide Elected Members with oversight of the planned and upcoming activities/schedule of work for 2024 for Council and all its committees.
This Committee can add into the work programme any matters or areas that they may wish to review.
|
That the Risk and Assurance Manager’s report dated 4 June 2024 titled ‘Audit, Risk and Finance Committee Work Programme’ be received. |
Background
The Audit, Risk and Finance Committee (ARFC) work programme for 2024 has had a few changes to it since the last meeting on 27 February 2024. The changes made have been listed below.
1. Review of Accounting Policies & Key Accounting Judgements (annually): Moved from June to September because the review of the Accounting Policies & Key Accounting Judgements is being prepared as part of the Annual Report preparation after the year-end closure on 30 June 2024.
2. Key Accounting Judgement (annually): this report is deleted since it was already captured under point 1.
3. Insurance – Broker Presentation (Aon): the December 2024 endorsement report is combined with previous point where Council’s insurance broker will present an update in December on Council’s insurance placement policies as agreed at the earlier insurance renewal workshop held during May.
4. Treasury Update & Presentation (Bancorp): Going forward, Council will only be doing one Bancorp presentation to our ARF committee per year, rather than one per quarter. The exception to this being if there were any material changes in the macro/geopolitical world that could drastically influence Council, then we may ask for Bancorp to come and present on the issues, effects, options etc. to assist us with our decisioning. With the LTP scheduled for adoption in September, we believe the best ARF committee meeting for Bancorp to present this calendar year would be at the 3rd of Sept 2024 meeting, as we’d likely have some new/crystalised debt forecast numbers to feed into our profile.
5. Audit NZ interim audit report: reporting moved from June to September since the interim audit is scheduled for mid-July hence the Audit NZ interim audit report would be available after completion of their interim audit.
1. Audit
Risk and Finance Work Programme 2024 ⇩ 
|
4 June 2024 |
12 Resolution to Exclude the Public
RESOLUTION TO EXCLUDE THE PUBLIC
