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 outturn position for 2017/18.

The Cabinet Member drew attention to a small amendment on page 101 of the report.  He explained that the £92,100 listed as a capital rollover request, should be revenue rollover from the revenue reserves.   The Cabinet Member congratulated the Finance Team on their recent ‘Team of the Year’ award.

The Cabinet Member for Housing and Safer Communities welcomed the above amendment, and also noted that the limited amount of borrowing for the Sittingbourne Town Centre Project had been managed well, which he considered indicated that the strategy was working.

Discussion ensued and the following points were made:  welcomed the proposed improvements to Oare Gunpowder Works, but £8,000 was not enough; hoped that Faversham Swimming Pool would benefit from funding assistance, as part of the £50,000 rolled-over for leisure centres; needed to get the balance right between setting the budget and underspends; and the Sittingbourne Town Centre Regeneration Scheme appeared to be getting more expensive than was expected

The Cabinet Member responded by stating that it was always the case that some areas would make savings, whilst others overspent.  He considered the budget setting to be correct, and explained that officers looked for savings without effecting the quality of service.  He noted the comments regarding Faversham Swimming Pool.

The Chief Financial Officer reminded Members that in terms of the Sittingbourne Town Centre Regeneration Scheme , the contract with the Spirit of Sittingbourne was a fixed sum.

The Chief Financial Officer, Financial Services Manager and the Finance Team were thanked for the work they had carried out.

Resolved:

(1)      That  the gross revenue underspend on services of £829,000 be noted.

(2)      That the revenue service rollovers of £571,660 and the setting up of new reserves as set out in Table 3 in Appendix I be approved.

(3)      That the revenue service bids of £288,060, as set out in Table 4 in Appendix I be approved.

(4)      That the Performance Fund and the Regeneration Fund be topped up by £300,000 each, and the Communities Fund by £75,000, from the General Fund and the Business Rates Volatility Reserve (for Regeneration Fund and Communities Fund).

(5)      That the allocation of uncommitted underspend to reserve funds be delegated to the Chief Financial Officer.

(6)      That the capital expenditure of £11,491,000, as detailed in paragraph 8 and Table 8 in Appendix I be noted.

(7)      That the capital rollovers of £2,027,970, as detailed in Table 8 in Appendix I be approved.