Agenda item - Corporate Debt Policy

Report of the Executive Director Finance & Resources (copy attached)

RESOLVED: That the Committee –

1.    Noted the key changes in practice and approach from the existing policy.

2.    Approved the new policy for adoption with immediate effect.

3.    Noted that under Standard Financial Procedures implementation and agreement of arrangements for the management and recovery of debts are delegated to the Executive Director Finance & Resources.

4.    Recommended that the Constitution Working Group considers the inclusion of a specific reference to the Corporate Debt Policy within the delegations to the Executive Director Finance & Resources.

108.1  The Committee considered the report of the Executive Director Finance & Resources, which sought approval of a revised and updated Corporate Debt Policy to replace the current policy written in 2013.

108.2  Councillor Sykes asked what proportion of the corporate debt ended up outside of the UK, and asked how that would be affected by relations with the EU. He suggested it would be useful for reports to include a Brexit impact assessment. The Executive Director Finance & Resources said that he didn’t know the level of any debt but would imagine that it was quite low and would provide a response after the meeting. He said that there were some legal and technical barriers to collecting debts abroad in a different currency.

108.3  Councillor Mac Cafferty said he supported the policy, but asked if those working on the front line would receive training on the Policy. The Executive Director Finance & Resources confirmed they would.

108.4  Councillor Janio asked if the Council benchmarked against other local authorities and shared best practice. The Executive Director Finance & Resources confirmed they did.

108.5  Councillor Daniels said that whilst it was vital that the Council were able to get back money owed, this policy looked at all vulnerabilities and what interventions could be put in place, and was pleased to note that feedback from the Fairness Commission had been taken into account when the policy was set.

108.6  RESOLVED: That the Committee –

1.    Noted the key changes in practice and approach from the existing policy.

2.    Approved the new policy for adoption with immediate effect.

3.    Noted that under Standard Financial Procedures implementation and agreement of arrangements for the management and recovery of debts are delegated to the Executive Director Finance & Resources.

4.    Recommended that the Constitution Working Group considers the inclusion of a specific reference to the Corporate Debt Policy within the delegations to the Executive Director Finance & Resources.