Cabinet Member for Finance and Performance

Cabinet considered the report of the Chief Financial Officer and the above Cabinet Member which showed the revenue and capital outturn activity for 2018/19 as at the end of June 2018. 

The Cabinet Member for Finance and Performance drew attention to the total revenue forecast underspend of £54,000. He advised it was early in the financial year to forecast but highlighted the additional costs incurred in the Homeless and Planning service resource, as well as the decrease in Government funding. 

The Cabinet Member for Finance and Performance highlighted the capital spend on the Sittingbourne Town Centre Regeneration scheme, and said that works were due to start on the cinema, restaurants and hotel in October 2019. He gave his assurance that every effort would be made to keep the revenue budget in the black by the end of the financial year.

The Cabinet Member for Finance and Performance referred to the pilot scheme for the localisation of Business Rates and the Leader advised that the bid was agreed by Kent Leaders and Chief Executives the previous evening, to meet the deadline.

A Member referred to the significant increase in Homelessness costs and decrease in Central Government grants, and feared an increase in future spending.

A Member referred to 3.15 on page 11 of the report (Payment of Creditors) and congratulated the Chief Financial Officer and his team for achieving the bold target that was set. 

Resolved:

(1)  That the projected revenue underspend on services of £54,000 (Table 1 refers) be noted.

(2)  That the capital expenditure of £3,275,438 to end of June 2018 (Paragraph 3.13 and Table 4 Appendix I refers) be noted.

(3)  That the participation of the Council in an application to be a business rate pilot in 2019/20 be approved, subject to confirmation of the scheme with a delegation to the Leader and Cabinet Member for Finance and Performance in consultation with the Chief Financial Officer to agree the application.