Issue - meetings

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

It was RESOLVED that

a)    the projected revenue position for the year with £0.906m budget efficiencies be noted; and

b)     the capital underspend of £17.807m as a result of both projects no longer proceeding and planned programme slippage be noted; and

c)    The Special Expenses Quarter 3 financial position be noted.

The Portfolio Holder for Finance and Contracts presented the report of the Executive Manager – Finance and Corporate Services outlining the budget position for revenue and capital at 30 December 2019 as part of the Financial Update for Quarter 3.

The Portfolio Holder for Finance and Contracts confirmed that the Corporate Overview Group at its meeting on 25 February 2020 had considered the report and it had forwarded no observations to Cabinet. The financial position for the year remained positive, with an overall revenue efficiency position of £906k. The financial position to date reflected a number of positive variances; including additional income from business rates, planning applications, treasury investment income and staffing efficiencies.  It was hoped that following the Budget, the uncertainty over the future of business rates would be addressed. The considerable uncertainty regarding the Coronavirus and its impact on business and finance had to be considered and the Council would continue to monitor the situation. Looking to the future, it was anticipated that there would be a carry forward of £100k to support the work of the Development Corporation, with an earmarked reserve being created. The Members Community Grants scheme would be underspent by £17k and that had would be made available to support a new initiative being launched by Councillor Robinson, to combat loneliness in the Borough. In respect of Capital Monitoring, the crematorium and the new units at Cotgrave had been subject to short planning delays. Overall, whilst external financial pressures remained, the financial position remained positive thanks to prudent management by the Council.

In seconding the recommendation, Councillor Inglis referred to the importance of maintaining due diligence and welcomed the continuing positive financial outlook for the Council.

Councillor Robinson referred to the uncertainty regarding the coronavirus and the implications it could have. He thanked the Executive Manager for Finance and Corporate Services and his team, and looked forward to delivering the ambitious capital community projects outlined and noted that such projects were only possible due to careful, prudent financial planning.   

It was RESOLVED that

a)    the projected revenue position for the year with £0.906m budget efficiencies be noted; and

b)     the capital underspend of £17.807m as a result of projects no longer proceeding and planned programme slippage be noted; and

c)    the Special Expenses Quarter 3 financial position be noted.