Issue - meetings

To consider a report from the Principal Accountant presenting the financial monitoring information for the income and expenditure to date.

The Group had before it and NOTED a *report from the Deputy Chief Executive (S151) presenting the financial monitoring information for the income and expenditure for the six months to 30 September 2019 and the projected outturn position.

The Group Manager for Financial Services outlined the content of the report and explained that this was the second formal report for the year and there was a big differential from quarter 1, now showing a surplus of £29k. A number of factors had contributed to this including waste savings and the receipt of a significant planning application.

She explained that the Council had not taken out any new borrowing this year so was unaffected by the recent rise in interest rates.

Note: *Report previously circulated and attached to the minutes.

To consider a report from the Group Manager for Finance presenting the financial monitoring information for the income and expenditure to date.

The Group had before it and NOTED a *report from the Deputy Chief Executive (S151) presenting the financial monitoring information for the income and expenditure for the six months to 30 September 2019 and the projected outturn position.

The Group Manager for Finance outlined the content of the report and explained that this was the second formal report for the year and there was a big differential from quarter 1, now showing a surplus of £29k. A number of factors had contributed to this including waste savings and the receipt of a significant planning application.

In response to a question asked about 3 Rivers Developments Ltd she explained that this was a loan which was made without the need for additional borrowing and that the report had highlighted that there was a risk of it not being repaid within the initial timeframes. The forecast was based on the figures that had been provided by 3 Rivers Developments Ltd.

Note: *Report previously circulated and attached to the minutes.

To receive a report of the Deputy Chief Executive (S151) presenting a financial update in respect of the income and expenditure so far in the year.

The Cabinet had before it and NOTED a * report of the Deputy Chief Executive (S151) presenting a financial update in respect of the income and expenditure to date.

The Cabinet Member for Finance outlined the contents of the report stating that the General Fund was now showing a surplus of £29k, the key items to note were savings made from the waste partnership and the receipt of a significant planning application.  The Housing Revenue Account was forecasting an underspend of £486k made up of several deficits and surpluses as outlined in paragraph 4.3 of the report.  He highlighted the slippage within the capital programme and the project timetable and the treasury management position.

Discussion took place regarding:

·         The loan to 3 Rivers Developments Limited and the proposed impairment of this loan

·         Accountancy requirements for both the Council and the company

·         The difficult and complicated St Georges View scheme

·         The need to consider delays in current projects included in 3 Rivers Business Plan and the Council’s Capital Programme, working capital considerations and whether profits would be ploughed back into the company or provided as dividends to the council

·         The savings made within the HRA relating to staffing within the repairs team and whether reduced staff equalled reduced outputs.

Note:  *Report previously circulated, copy attached to minutes.