Issue - meetings

Report of the Chief Officer (Resources).

The Chief Officer (Resources) submitted a report regarding the Council’s current financial position for quarter 1 of the 2017/18 monitoring cycle, and the supporting actions underway. 

The report outlined the head line projections as follows:

·         There was a current General Fund net overspend of £47K, forecasted to develop into an underspend of £6K by the year end.

·         The Housing Revenue Account had a current overspend of £26K, which was expected to increase to £240K by the year end.

·         The income from green waste collection was projected to decrease by a net £280K by the year end.

The report noted that the most significant variance of the Housing Revenue Account related to an increase in voids from an estimated 1.9% to 2.9%. If maintained this would result in a shortfall in income of £176K.

Furthermore, a consultant from APSE who is currently acting as interim Repair and Maintenance Service Manager, is currently reviewing the Repairs and Maintenance Service, with one of the key aims to reduce the amount of void losses.

Members asked a number of questions regarding: Income for Quarter 1; Salt Ayre projected losses; recuperation of initial investment in Salt Ayre; Salt Ayre employee variances and the impact of Universal Credit on social housing rent payments made to the Council.  

Members requested that there be an update on the position of Salt Ayre included in each future quarterly corporate financial monitoring report.

Resolved:

(1)  That the report be noted.

(2)  That the future quarterly Corporate Financial Monitoring reports include an update on the financial position of Salt Ayre.