6 May 2019
Audit and Finance Working Party Record of Actions
Meeting held in the Whale Bay Room
36 Water Street, Whangārei
on Monday 6 May 2019, commencing at 10.00am
Present:
Chairman, Councillor David Sinclair
Councillor Bill Shepherd
In Attendance:
Full Meeting
NRC Chief Executive
GM, Corporate Excellence
GM, Customer Services / Customer Relations
Part Meeting
GM, Strategy Governance and Engagement
The meeting commenced at 10.00am.
Item
1.0 Apologies:
Financial Advisor, Mr Geoff Copstick
Councillor Joce Yeoman
2.0 Declarations of conflicts of interest
It was advised that committee members should make any declarations item-by-item as the meeting progressed.
3..3 Deloitte planning report to working party year end 30th June 2019 |
Presented by: Simon Crabb · 10.10am called Peter Gulliver from Deloitte spoke about the report and answered any questions. · Reviewed Final planning document for yearend 30th June 2019 · Page 3 of report – Summary Audit scope. Highlighted anything unadjusted misstatements greater than $62,900 to be notified to Council. Agreed to change the figure to $50,000 · Areas of focus is Fraud around Credit cards, travel and training. · Review the rate setting same process for the year. · Page 11 Enhancements planned for FY19 PG spoke about how this had worked (well) throughout the year. · Changes of annual report to improve clarity and understanding. Particularly quarterly meetings with finance management team for planning and actions. · Bribery and corruption. Northland Regional Council to adopt an online training course for staff to complete before year end.
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Agreed action points: · Deloitte will bring down materiality threshold from $62,900 to $50,000. |
3.2 Finances (deep dive) – March year to date |
Presented by: Simon Crabb · Budget for internal audit - IT audit to be completed by year end. · Rate review completed. Tax review before incoming Council to confirm tax treatments are compliant before November. · Review of group revenue and expense · I & G reserve over budget due to delays in projects starting. · Bus ticketing system in pipeline going slower than anticipated. looking at next financial year for completion. · Kensington project first round of tenders currently in process. · Overhead allocation - revisit rate allocation and look at changing next year. · Cash flow reporting, average 18 days on creditor payments
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Agreed action points: · Leadership team create reserve for operational spending equivalent to one years expenditure. |
3.1 Record of Actions – 19 February 2019 |
Dave Tams Reviewed Audit and Finance working party record of actions 19 February 2019 |
Agreed action points: · Nil |
Conclusion
The meeting concluded at 11.20am.