Cabinet Member for Finance and Performance

Cabinet considered the report of the Chief Financial Officer and the above Cabinet Member, which set out the revenue and capital projected outturn activity for 2018/19 as at the end of December 2018.  The report was based on service activity up-to the end of December 2018 and was collated from monitoring returns from budget managers.

The Cabinet Member for Finance and Performance introduced the report, and reported that the total forecast revenue underspend was £270,950, an increase of £43,950 from the half year forecast.  The projected underspend equated to 1.5% of the Council’s budget so was a small margin.  The Cabinet Member referred to the main variances which were set-out in the report, and explained that there was nothing out-of-line with what had previously been reported.  He considered the Council were currently in an excellent financial position.  The Cabinet Member explained that the coming months were very important as the Council would hear about the situation regarding business rates and the financial review.   The Cabinet Member endorsed the report and proposed the recommendations.

A Member asked how certain officers were in relation to the level of Business Rate reserves? He also drew attention to page 8 of the report and the Local Loan Fund, and asked whether the Cabinet Member for Finance and Performance would consider widening this to support new businesses just starting out?

The Cabinet Member for Finance and Performance was adamant that the reserves for business rates as outlined in the report were needed.  He explained that the financial position for 2020/21 was unknown, and the Council needed to maintain a secure financial position, until the situation in relation to funding was known.  With regard to widening the Local Loan Fund to include start-up businesses, the Cabinet Member agreed that they should be supported by that fund and stated that new businesses were the future of the Borough. 

A Member congratulated officers on the 98.2% payment of creditors, exceeding the target of 97%.

The Cabinet Member for Planning welcomed the Development Control additional income from an increase in planning applications.  He concluded that good planning represented good news for the local economy. 

Resolved:

(1)       That the projected revenue underspend on services of £270,950 (Table 1 refers) be noted.  

(2)       That the capital expenditure of £12,240,144 to end of December 2018 (paragraph 3.14 and Table 4 Appendix I refers) be noted.

(3)       That the Pension and Redundancy reserve be topped-up by £250,000, from the General Reserve.