Document Best Value Notice

The Committee noted the receipt of a non-statutory Best Value Notice issued by the Department for Levelling Up, Housing and Communities received by the Council in December 2023. 

As required, Officers had published the notice on the Council’s website, and it was being reported to Corporate Management, this Committee and full Council.

Members noted the recommendations set out in the notice and that the Council was drawing up a draft action plan to comply with it.

Members commented on the fact that the Council had, before the notice was issued, already developed a Risk Appetite Statement, and Risk Management Framework with the substantial input of the Committee, in its recommendations to full Council.

Officers were asked to prepare a paper for the consideration of the Constitution Member Working Party on the frequency of meetings (with a view to increasing) and remit of the Standards and Audit Committee in terms of increasing the level of scrutiny on commercial assets, financial details of major decisions and make appropriate recommendations to Corporate Management Committee when it reviews the Constitution.

Officers were also asked to consider the appropriate arena and level of scrutiny with regard to RBCI/RBCS which was a separate legal entity and matters relating to reporting on investment performance and expected returns. 

Officers advised that in taking ownership of responding to the Notice there should be clarity in the role of different committees and their interaction with each other.  The Committee was however asked to bear in mind the remit of the Committee and that certain matters including the Council’s special purpose vehicles fell more within the realm of Corporate Management Committee.

Some Members observed that the Council had on the strength of its investments, which had yielded £11.2m of net income from its investment property portfolio, provided residents with valued services which it might not otherwise have been able to without that commercial income.

It was agreed that the Council should continue reviewing income and expenditure with a view to formulating a clear plan to make savings; the delivery of savings would be reported to Members as set out in the process previously agreed by full Council.  Officers confirmed that the Medium Term Financial Strategy, which would be submitted to the Council in February 2024, included a range of measures to address on-going financial sustainability.