Agenda item

The report of the external auditors requested at the meeting on 5 December will be available prior to the meeting.  Copies of the published open and exempt report circulated with the papers for the meeting on 5 December 2014 are attached for Members information.

1.         The Chairman welcomed Mark Dance as Economic Development

Cabinet Member, his officer team of Barbara Cooper, David Smith and Jacqui Ward as well as external auditors Martin Ellender and Paul Hughes from Grant Thornton.  He stated the he intended to invite Mrs Dean as one of the members who had submitted the call-in to introduce this matter and then to allow Mr Bird and Mr Whybrow to ask brief questions before opening up the questioning to the Members of the Committee.

2.         Mr Ellender from the external auditors, Mr Dance and Ms Ward briefly

presented their reports. Questions from Mr Bird, Mr Whybrow and members of the Committee relating to the decision making process used by the Cabinet Member,  the Regional Growth Fund terms of reference and confirmation that the investment decision had been taken within the appropriate guidelines, were answered by the guests.

RESOLVED that the Committee does not require that the decision be reconsidered and recommends that in future the Regional Growth Fund processes include sufficient and auditable due diligence in line with the audit report and comments from the Committee.