Issue - meetings

The report of the Executive Manager – Finance and Corpoate Services is attached.

It was RESOLVED that:

a)    the projected revenue and capital budget positions for the year of £193,000 revenue efficiencies and £7,439,000 from capital scheme re-phasing and potential savings be noted.

b)    the £5.75 million originally allocated for the schemes at land north of Bingham and at the former RAF Newton be removed from the 2017/18 Capital Programme.

The Portfolio Holder for Finance presented the report of Executive Manager – Finance and Corporate Services, to provide an update on the Council’s budget position for both revenue and capital accounts as at 30 September 2017, as well as on projected outturns.

The Portfolio Holder noted that there were currently projected revenue efficiencies of £193,000 and a capital programme position of £7,439,000 due to capital scheme re-phasing and projected potential savings. The Portfolio Holder noted that the projected savings from revenue efficiencies were mainly due to a number of staffing vacancies, increased property income and increased income from the green garden waste bins. It was also noted that the capital programme position of £7,439,000 was mainly due to the original schemes of the land North of Bingham and RAF Newton totalling £5.45 million no longer proceeding.

The Portfolio Holder noted that the Bardon warehouse property investment which had been completed in October, 2017 was a key part of the Council’s asset investment strategy and commercial approach finding new ways of generating revenue, and would help ensure that the Council was able to continue to deliver high quality services to the residents of the Borough at a time when grants from Government were reducing rapidly. The Portfolio Holder noted that the £1.8 million investment that had been made on the Bardon warehouse property would give an estimated 5.57% return on investment and a yield of 6.25%.

Councillor Robinson in seconding the recommendations noted that the Council was currently in a good financial position and thanked the Executive Manager – Finance and Corporate Services, and his team for managing the Council’s finances effectively. Councillor Robinson also noted the Council’s investment of the Bardon warehouse would provide an additional sum of £120,000 to the Council’s revenue account annually.

It was RESOLVED that:

a)    the projected revenue and capital budget positions for the year of £193,000 revenue efficiencies and £7,439,000 from capital scheme re-phasing and potential savings be noted.

b)    the £5.75 million originally allocated for the schemes at land north of Bingham and at the former RAF Newton be removed from the 2017/18 Capital Programme.
 

REASONS FOR DECISIONS

To demonstrate good governance in terms of scrutinising the Council’s ongoing financial position and compliance with Council Financial Regulations.

The schemes at land north of Bingham and at the former RAF Newton are no longer proceeding so the allocated £5.75 million can be removed from the Capital Programme for 2017/18.