Agenda item

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.