Agenda item

Report of the Chief Strategy Officer.

The Committee received a report of the Chief Strategy Officer concerning the Annual Governance Statement (AGS) 2024/25 (City Fund).

Officers were thanks for compiling the AGS, highlighting the challenge of condensing the breadth of City Fund activities into a clear and accessible document. The AGS remains succinct at 20 pages, which compares favourably with other local authorities, and includes additional detail in response to committee feedback.

The AGS affirms that good governance is in place, with internal audit independence confirmed in paragraph 4 of the report. The report also reflects the committee’s prior request to include information on sustainable inputs, and references ongoing transformation efforts, including the people strategy and the DDAT (Digital, Data, Analysis and Technology) strategy. Although retrospective, the AGS also signposts future commitments, allowing the committee to hold officers accountable in 2025/26. It was noted that a request from the Deputy Chair to include prior-year metrics on page 386 would be incorporated into the final version.

During the discussion, Members praised the clarity of the document and suggested refining the table under paragraph 77 to better summarise progress. Another Member echoed the positive feedback, appreciating the inclusion of both performance assessment and forward-looking elements. Members also raised a point about the limited mention of the pension fund, which holds £1.5 billion in assets under management. They suggested that future AGSs might better reflect governance arrangements for the pension fund, even if it is considered business as usual. The Chamberlain acknowledged the suggestion and agreed it was worth considering for next year, noting the technical inclusion of the pension fund within the City Fund accounts.

RESOLVED – That Members,

a)     Consider and approve the AGS, at Appendix 1, for signing by the Chair of the Policy and Resources Committee and the Town Clerk and Chief Executive

b)     Note that the AGS will be published alongside the 2024/25 City Fund and Pension Fund Statement of Accounts

c)      Delegate authority to the Town Clerk, in consultation with the Chairman and Deputy Chairmen of this Committee, to amend the AGS for any relevant significant events or developments that occur prior to the date on which the Statement of Accounts is signed by the Chamberlain.