Issue - meetings

The Executive Director, Finance and Resources introduced this report and in so doing drew Members’ attention to a number of points within the report, including:

·         Projected variance of £215k and the supporting explanatory notes in respect of these.

·         The saving made under the strategic purpose Help me find somewhere to live in my locality which was predominantly due to salary savings as a consequence of posts not being filled.  It was anticipated that this would be addressed in the full housing review.

·         There was currently no short term borrowing other than that for the Housing Revenue Account (HRA).

·         Capital underspends which largely related to the Locality Capital budget.  This was due to the majority of schemes being dependant on approval from Worcestershire County Council.

·         Redditch Energy Efficiency Fund – it was likely that there would be a request to carry this forward.

·         The major variances in respect of the HRA account and further work which needed to be carried out.

·         HRA Capital programme and the properties being built in the next 5-10 years.

·         Financial Reserves Statement – the bulk of this related to the HRA Reserves and included growth and repairs.  Heads of Services had been asked to go through this line by line to see if there were any items which could be released.

·         Identified savings were currently all on target to be delivered.

Members appreciated that it was difficult for any local authority financial officer to make savings during these difficult times and thanked the Executive Director, Finance and Resources and her team for all their hard work.

RESOLVED that

the current financial position for quarter 2 July – September 2018 as detailed in the report.

RECOMMENDED that

An increase in the 2018-19 Capital programme of £16k for Section 106 monies for use in improving the Batchley Play area be approved.