The Leader introduced the report which set out the revenue and capital projected outturn position for 2019/20 as at the end of June 2019.  He drew Members’ attention to the current revenue underspend of £254k and said that the expected income from retail units on the Sittingbourne Town Centre (STC) was over £200k, resulting in a near balance.

The Leader highlighted the capital expenditure of £3,559,972 and explained that this this had been spent on funding the STC Regeneration scheme and other schemes such as the skate park.   He added that the £20,110 in recommendation 3 was for the purchase of new equipment for the print room.

The Leader drew Members’ attention to the forecast spending gap of £1.2million. He advised that bids were already being commissioned as part of the Special Projects Fund (pages 27-28 of the report).  He thanked the Chief Financial Officer and the Financial Services Manager.

A visiting Member welcomed the news on the Special Projects Fund but asked what the process was and how bids could be submitted?  In response, the Leader said that bids were welcome from all Members.  The Chief Financial Officer added that bids could be submitted to him to bring forward.

Resolved:

(1)  That the projected revenue underspend on services of £254,000 (Table 1 refers) be noted.

(2)  That the capital expenditure of £3,559,972 to end of June 2019 (Paragraph 3.14 and Appendix I Table 2 refers) be noted.

(3) That the £20,110 of funding for a new capital scheme as detailed in paragraph 3.16 be approved.