To elect a Chairman for the ensuing year.

That Councillor Butler be elected Chairman for the ensuing year.

RESOLVED:

That Councillor Butler be elected Chairman for the ensuing year.

To receive apologies for absence.

None received.

To appoint a Vice-Chairman for the ensuing year.

That Councillor Kent be appointed Vice-Chairman for the ensuing year.

RESOLVED:

That Councillor Kent be appointed Vice-Chairman for the ensuing year.

To approve the Minutes of the meeting held on 26th September 2023.

RESOLVED:

That the minutes of the meeting held on 26th September 2023 be approved as a

correct record.

To receive any questions from the public, notice of which has been given in accordance with Procedure Rule 14. The deadline for this meeting is 12.00 p.m. on Monday 16th September 2024.

There were no public questions received.

Members are reminded that they must declare their disclosable pecuniary interests and other registrable or non-registrable interests in any matter being considered at the meeting as set out in Appendix B of the Members’ Code of Conduct and consider if they should leave the room prior to the item being considered. Further advice can be sought from the Monitoring Officer in advance of the meeting.

None received.

Report of the Treasurer

Contact: James Walton

That the finalised Statement of Accounts 2023/24 be signed by the Chairman and the Treasurer be approved.

That the Annual Governance Statement 2023/24 be approved.

The Treasurer, James Walton presented the report which outlined the Statement of Accounts 2023/24 and the Annual Governance Statement 2023/24 and explained the historical context of the pension liability, which originated from the sale of West Mercia Energy. He detailed the transition of the pension liability from West Mercia Energy to the Joint Committee and the rationale behind this decision.

Councillor Ross joined the meeting at this point.

In response to a query, the Treasurer explained that the pension liability had been decreasing over time due to factors such as investment returns and stock market fluctuations and added that if the pension fund continued to perform well, the liability could be cleared in less than the anticipated 20 years, although an incident such as a stock market crash could significantly impact the fund's status, potentially resetting the deficit to its original amount.

RESOLVED:

1. That the finalised Statement of Accounts 2023/24 be approved and signed by the Chairman and the Treasurer.

2.  That the Annual Governance Statement 2023/24 be approved.

Report of the Treasurer

Contact: James Walton

That the Pension Liability charges for 2024/25 as set out in section 7 of the report below in line with the policy approach as approved by Joint Committee in the Policy decisions 2023/24 report 26th September 2023, be approved.

That the amounts due to be paid by each Member Authority in respect of the Member Authority Liability Charges set out in section 8 of the Treasurers Report, and the payment mechanism set out in section 9 of the Treasurers Report be approved.

The Treasurer, James Walton presented the report, detailing Pension Liability Charges 2024/2025 and stressed the importance of timely payments by the owning authorities.

RESOLVED:

1. That the Pension Liability charges for 2024/25 as set out in section 7 of the report below in line with the policy approach as approved by Joint Committee in the Policy decisions 2023/24 report 26th September 2023, be approved.

2.That the amounts due to be paid by each Member Authority in respect of the Member Authority Liability Charges set out in section 8 of the Treasurers Report, and the payment mechanism set out in section 9 of the Treasurers Report be approved.

Report of the Treasurer

Contact: James Walton

That the policy under which Compensatory Added Years, Lead Authority Costs and Other Costs are calculated and charged as set out in sections 7.2, 7.3 and 7.4 respectively, of the Treasurers Report be approved.

The Treasurer, James Walton presented the report, Policy Decisions 2025/26.

RESOLVED:

That the policy under which Compensatory Added Years, Lead Authority Costs and Other Costs are calculated and charged as set out in sections 7.2, 7.3 and 7.4 respectively, of the Treasurers Report be approved.

Report of Treasurer

Contact: James Walton

That the scheme of Delegations attached at Appendix A of the Treasurers Report be approved.

The Treasurer, James Walton presented the report, outlining Scheme of Delegations to Treasurer.

RESOLVED:

That the scheme of Delegations attached at Appendix A of the Treasurers Report be approved.

To agree the date of the next meeting.

The Chairman confirmed that the next meeting would take place in September 2025, date to be confirmed.