Issue - meetings

To receive and note 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.

The Group had before it, and NOTED, 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.

The forecast General Fund deficit for the current year was £181k with the main items of variance reflected within the report, although it was reported that none of the overspends were in the area of Economic Development. The Group were also informed that there were two new lease agreements in Market Walk, however, the Pannier Market income was down.

Discussion took place regarding:

·         Car park revenue was under budget. The Director of Finance, Assets & Resources welcomed ideas as to how revenue could be increased in this area. It was AGREED that the subject of car parking and all relevant data in relation to this be discussed at a future informal workshop. This would provide an opportunity to discuss all the various options in a more detailed and considered way.

·         Set up costs in relation to the Three Rivers Development Company which had been incurred as a result of needing independent grant and tax advice.

·         The Tiverton Masterplan which was listed in the Forward Plan might go some way towards addressing the shortfall in income for the Pannier market.

Note: * Report previously circulated; copy attached to the signed minutes.