The Committee to receive a position statement from the Cabinet Member for Finance providing an update on the areas within his portfolio.
The Chairman advised that apologies had been received from the Cabinet Member for Finance and requested that the Cabinet Members report be presented by the Deputy Chief Executive (S151).This was agreed.
The Committee received and NOTED the *report of the Cabinet Member for Finance presented by the Deputy Chief Executive (S151).
He outlined the main points in the report including:
· Excellent levels of collections
· Medium Term Financial Plan
· Draft Budget
· Budget monitoring position at October
· Highlights over the past 12 months
· Bid for 75% Business Rates retention (new pilot potential) and Fairer Funding
He explained the need for the council to focus on the delivery and growth agenda and that the council must accept an increased portfolio of risk as it explored more commercial opportunities.
Members asked for clarification on a statement on page 10 of the report and the Deputy Chief Executive (S151) confirmed that the statement should read as follows:
‘Secured more capital receipts from the sale of surplus assets (circa £1.6m in 2017/2018) – now utilising these funds for commercial acquisitions to help our budgetary position’.
Note: *Report previously circulated and attached to the minutes.