The purpose of the report was to inform members of the Council’s overall performance and financial position for the period ended 31st December 2017 (“Third Quarter 2017/18”). The report was considered by the Corporate Select Committee on 12 February 2018. The position was summarised as follows:
The Finance headlines for the Third Quarter were:
Performance against Budget
· The General Fund budget for 2017/18 was forecast to be underspent by £1,260,760 at the Quarter 3 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 third quarter stage – with £225,250 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 £1,169,190 - £659,000 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 £4.2m which represented an underspend of £1.9m relating to the reprofiling of asset management plan schemes
· The HRA Capital Programme for 2017/18 was £4.15 million, with spend forecast to be £0.34m underspent against budget at Quarter 3.
· Cash investments held at 31st December 2017 totalled £21.9 million.
· Council borrowing at 31st December 2017 totalled £72.2 million.
· The Council’s net interest receipts general fund budget was projected to be underspent by £17,000, with a £80,000 underspend on the HRA
· 85.2% of council tax was collected by 31st December 2017, compared to 85.6% for the same period last year.
· 81.9% of business rates was collected by 31st December 2017 compared with 83.0% for the same period last year
· At the end of Quarter 3 the value of sundry debt over 60 days old was £266,422 which compares to £273,073 at 31st December 2016
The Procurement headlines for the Third Quarter were:
· 22 procurement activities were completed (1 high value (greater than £172,000) – gas servicing and solid fuel service contract)
· The procurement forward plan included 69 procurement activities scheduled for 2017/18 (either HPBC only or joint)
· At the 31st December 2017, 67% 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 Third Quarter were:
· 59% 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 64 complaints, 54 comments and 50 compliments in the Third Quarter. Repeat complaints and response times both on track
Detailed analysis was contained within the appendices to the report.
That the third quarter 2017/18 financial, procurement and performance position detailed in Appendices A, B and C and summarised at paragraph 3.3 of the covering report be noted.