28 Financial Monitoring - 3 months to June 2016 PDF 245 KB
To receive a report from the Director of Finance, Assets & Resources presenting a financial update in respect of the income and expenditure so far in the year.
Additional documents:
Minutes:
The Group had before it, and NOTED, a report * from the Director of Finance, Assets and Resources presenting a financial update in respect of the income and expenditure so far in the year.
The contents of the report were summarised with particular reference to the following:
· The forecasted General Find deficit for the current year was currently showing as £202k.
· There was a £20k deficit for market income however the Market Manager was actively seeking new traders and it was still early in the financial year.
Discussion took place regarding:
· Footfall figures for Tiverton being down. The question was asked as to how footfall figures were collected and what they were measured against. It was confirmed that in relation to the market counts were undertaken on market days and at three different time slots throughout the day. It could not be possible to guarantee 100% accuracy but they would typically be within 10% and would indicate a trend.
· The Group had responsibility for holding service managers and their budgets to account for the areas that fell within the Economy remit. This would be especially important during the budget setting exercise at the end of the year.
· The fact that this Group was now responsible for overseeing car parking and there would be an update on vends at the next meeting and regular six monthly reviews.
· There had been a need to incur some expenditure in relation to commissioning some work to support the Local Plan, for example, traffic assessment modelling, the Council did not have this type of expertise in house.
· There needed to be further clarity regarding the areas the Group would be responsible for in terms of financial monitoring and the Constitution needed to reflect this.
The Finance Manager stated that in future the report would be clearer in terms of showing which committee various budget lines came under.
Note: * Report previously circulated; copy attached to the signed minutes.