Issue - meetings

Report of the Director – Finance and Corporate Services

The Head of Finance presented the Risk Management Progress Report which provided the Group with an update on the Council’s risk activity since its last meeting in February 2024. It provided a summary of risks in the Council’s Risk Registers that have either changed, been removed or new risks that have been identified as a result of management reviews.

The Group noted the Council’s Risk Management Group last met on 3 September 2024.

The Head of Finance explained that work to evaluate risk descriptions to better structure wording which had been proposed by Zurich had been completed and adopted into the 2024-2025 Service Plans. Zurich had also provided training in September 2023 for members of Governance and some refresher training for risk management officers is scheduled for October 2024.

Appendix A of the report highlighted the Council’s current Risk Registers containing corporate risks, operational risks and opportunity risks. In addition, the Group were advised that there are 4 new risks, and 23 risks have been removed as a result of the risk review in 2023 and ongoing service reviews.

Councillor Burch asked a specific question relating to the East Midlands Freeport and when does the Council expect to receive any business rate revenue from it and is it likely that a change in Government may affect or delay any businesses coming forward. The Director for Finance and Corporate Services advised that it was too early to identify risks in respect of Freeport Investments and advised that the Government had extended the business relief to 2035. In addition, he explained the Freeport was not moving as quickly as had been expected, highlighting there are many other factors to take into consideration, such as the economy and international issues around Ukraine and the Middle East.

Councillor Polenta commented on the national context and asked about competitive bids and future funding streams. The Director of Finance and Corporate Services explained that the Budget in October may provide a better picture of the Council’s position.

The Chair commented on the closure of Ratcliffe on Soar Power station and how the loss of its business rates was out of the Council’s control, adding that the Council was doing all it could to protect the development of this site by way of the Local Development Order.

It was RESOLVED that Governance Scrutiny Group

a)    Note the contents of the report

b)    Considered and made recommendations on risks that have red alert status