The purpose of the report was to inform members of the Council’s overall performance and financial position for the period ended 30th September 2017 (“Second Quarter 2017/18”). The report was considered by the Corporate Select Committee on 4 December 2017. The position was summarised as follows:
The Finance headlines for the Second Quarter were:
Performance against Budget
· The General Fund budget for 2016/17 was forecast to be underspent by £1,079,710 at the Quarter 2 stage.
· The underspend was required to be ring-fenced to support an additional drawdown against reserves in 2018/19 to account for the impact of business rates appeals and reliefs
· The overall efficiency target of £310,000 for 2017/18 was projected to be achieved at the second quarter stage – with £194,150 achieved to date. However, this was dependent on the progression of key efficiency programmes.
Housing Revenue Account
· The Housing Revenue Account was forecast to be in surplus by £581,630 - £460,000 of which contributed to ongoing Financial Improvement Plan savings.
· The Capital Programme budget for 2017/18 was £6.1m including the carry forward of capital underspends from 2016/17. The projected outturn was £4.7m which represented an underspend of £1.4m relating to the reprofiling of asset management plan schemes
· The HRA Capital Programme for 2017/18 was £4.2 million, with spend forecast to be £55,000 underspent against budget at Quarter 2.
· Cash investments held at 30th September 2017 totalled £18.2 million.
· Council borrowing at 30th September 2017 totalled £72.2 million.
· The Council’s net interest receipts general fund budget was projected to be underspent by £8,260, with a £39,330 underspend on the HRA
· 54.7% of Council Tax was collected by 30th September 2017, compared to 57.5% for the same period last year.
· 58.6% of Business Rates was collected by 30th September 2017 compared with 58.5% for the same period last year (2017/18 distorted by an upfront payment form a large hereditament payer)
· At the end of Quarter 2 the value of sundry debt over 60 days old was £267,417 which compares to £266,876 at 30th September 2016
The Procurement headlines for the Second Quarter were:
· 48 procurement activities were completed (3 high value greater than £172,000 – including HRA boiler replacements and Pavilion Gardens food supplies)
· The procurement forward plan included 75 procurement activities scheduled for 2017/18 (either HPBC only or joint)
· At the 30th September 2017, 71% of procurement activity undertaken was on the forward plan and the Council paid 96% of its invoices within 30 days
The Performance headlines for the Second Quarter were:
· 63% of the key performance indicators were on track
· Of the 19 Priority Actions within the Corporate Plan, one was rated ‘amber’, one was awaiting a decision, the remainder being classified as ‘Green’; and
· The Council received 94 complaints, 74 comments and 66 compliments in the Second Quarter. Repeat complaints and response times both on track
Detailed Analysis was contained within the appendices to the report.
1. That the Second 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.