Issue - meetings

The Panel is invited to receive the Finance Performance Report 2023/24 Quarter 1.

Executive Councillor: B Mickelburgh

By means of a report by the Director of Finance and Corporate Resources (a copy of which was appended in the Minute Book) the Finance Performance Report Q1 was presented to the Panel.

It was clarified to the Panel, following a question from Councillor Jennings, that the interest rates within the report were based on current rates and would be adjusted throughout the year as appropriate.

Following a further question from Councillor Jennings, the Panel heard that conversations on the staff pay award were ongoing and that any reports within the media were speculative. However the Panel were assured that the current options being considered were affordable within the budget.

Councillor Jennings additionally queried a decrease in the expected income for additional green bins, the Panel heard that this was due a lower charge being made for the current year additional bin collection due to a reduction in the chargeable period, allowing for this to be brought in line with the subscription service due to be introduced in April 2024.

The Panel heard that there was confidence that timescales and funding would be achievable across the planned Market Towns Programme following a question from Councillor Gleadow.

Councillor Jennings inquired about the reduction in cash interest forecast within Table 4.2 as it was felt this contradicted the positive predictions across the report. The Officer confirmed that the detail would be sought and reported back to the Panel. It was also confirmed that PWLB loan maturity dates, taken to purchase commercial properties, would be added to this Table going forward.

The Panel were advised that whilst guarantees are not possible, the planned works to the properties within Fareham would maximise opportunities for yield, with potential tenants having expressed an interest in future rental already having been received.

Following an enquiry from Councillor Gardener, the Panel heard that work was ongoing to re-let the empty properties at the Rowley Centre in St Neots and that it was anticipated that marketing the two spaces together would generate greater interest.

Whereupon, it was thereby

RESOLVED

that the comments of the Overview and Scrutiny Panel be passed to Cabinet for their consideration when making a decision upon the recommendations contained within the report.