The Head of Governance and Corporate Services presented the table of decisions made by the Authority and the Audit and Governance Committee in February and March 2024.

Members queried the significant rise in the budget detailed in the Review of the Corporate Strategy 2024 – 2027 considered at the 8 February 2024 Authority meeting and noted that investment management fees were not included in the budget.

The Director explained that the rise in planned spending was due to the cost of planned additional staffing needed to manage workload. It was also explained that investment management fees were not calculated as part of the budget as they are calculated by asset value which is variable and is therefore forecast as part of the Medium Term Financial Strategy which was approved by the Authority at the 8 February 2024 meeting.

The Board asked for clarity on what kind of debt had been written off in Item 15 at the Authority meeting on 8 February 2024.

The Director explained that the debt was made up of liquidation costs relating to the commercial property portfolio and in small part from historic overpayment to Scheme Members which was not possible to reclaim.

In response to a comment from the Chair, the Director explained that the Corporate Strategy is reviewed annually and also reviewed in depth every three years with the next review next due in March 2025. There will be a training and development session for Board Members in September 2024 to aid them in assisting the update of the Corporate Strategy.

RESOLVED: Members noted and commented upon the decisions included in

the report.