Agenda item

First Quarter 2017/18 Finance, Procurement & Performance Review

Minutes:

The purpose of the report was to inform members of the Council’s overall performance and financial position for the period ended 30th June 2017 (“First Quarter 2017/18”) The report was considered by the Resources Overview and Scrutiny Panel on 26 July 2017.  The position can be summarised as follows:

 

Subject

Headline

Finance

The finance headlines for the first quarter were:

Performance against Budget

·           The General Fund budget for 2017/18 was forecast to be £315,110 underspent at the Quarter 1 stage

Efficiency Programme

·           The overall efficiency target of £661,000 for 2017/18, was projected to be achieved at the first quarter stage.  However, this was dependent on the progression of key efficiency programmes.  Any shortfall could be funded using the earmarked reserve established to meet some of the one-off/short-term costs incurred in implementing the programme.

Capital Programme

·           The Capital Programme budget for 2017/18 was £3.37 million including the carry forward of capital underspends from 2016/17.  The projected outturn was £2.86 million which represented an underspend of £508,000 relating to Disabled Facilities Grants

Treasury Management

·           Cash investments held at 30th June 2017 totalled £6.2 million. The Ascent loan and debenture stood at £19 million.

·           Council borrowing at 30th June 2017 totalled £13.2 million (£12 million of which related to the Ascent loan)

·           The Council’s net interest receipts budget was projected to be on target at quarter 1 stage.

Revenue Collection

·           29.7% of Council Tax was collected by 30th June 2017, compared to 29.8% for the same period last year.

·           28.9% of Business Rates was collected by 30 June 2017 compared with 28.8% for the same period last year.

·           At the end of quarter one the value of sundry debt that was over 60 days old was £151,780 which compared with £272,230 at 30th June 2016

 

Procurement

The procurement headlines for the First Quarter were:

·         22 procurement activities were completed

·         The procurement forward plan included 47 procurement activities for 2017/18 (either SMDC only or joint)

·         At the 30th June 2017, 70% of procurement activity undertaken was on the forward plan and the Council paid 94% of its invoices within 30 days during the year

 

Performance

The performance headlines for the First Quarter were:

·         80% of the key performance indicators were on track

·         Of the 23 Priority Actions within the Corporate Plan, two were still to commence, 2 were complete, the remainder being classified as ‘Green’; and

·         The Council received 51 complaints, 98 comments and 31 compliments in the First Quarter. Repeat complaints and response times both on track

 

 

Options considered:

 

Detailed Analysis is contained within the appendices

 

DECISION:            1.      That the First Quarter 2017/18 financial, procurement and performance position detailed in Appendices A, B and C and summarised at 3.3 of the covering report be noted.

2.      That the in advance pension contribution payment of £1.9m covering a period of 3 years (2017/18 – 2019/20) be approved in order to receive a discount of £100,000.

3.      In order to fund the payment, an additional drawdown of £1.34m from general fund contingency reserves in 2017/18 be approved.

 

 

Supporting documents: