Agenda item

(a)  That the reported and underlying financial position of the Council as at the second quarter of the year be noted;

(b)  That the management actions being undertaken by officers to reduce the budget pressures be noted;

(c)  That the budget virements as explained in paragraph 8.01 of the report be approved;

(d)  That the write offs as requested in paragraph 8.03 of the report be approved;

(e)  That the S151 officer be given delegated authority to sign a members resolution agreeing that Morgan Sindall Investments waive interest due to them from 1 January 2018 to the end of the Slough Urban Renewal Wexham Green project in order to charge a development management fee as in paragraph 9 of the report.

The Service Lead Finance introduced a report that provided the Cabinet with an update on the financial position of the Council’s revenue account for the second quarter of the year to the end of September 2018.  Approval was also sought for write off requests and virements.

The Council’s net expenditure for the period was £2.95m over budget and reasons for the adverse variance were explained.  These included additional costs associated with adult social care packages and temporary accommodation for homeless families.  The General Fund revenue forecast for the end of the year was an over spend of £3.227m.  The Cabinet noted the various management actions and plans to address the underlying budget issues and these had contributed to an improvement in the October figures which would be reflected in future reports.

Lead Members discussed a range of issues including to use of additional funding provided for adult social care, home to school transport costs and the potential to accelerate the capital investment in housing to relieve some of the pressures on the temporary accommodation budget.  Officers responded that it would be possible to re-profile capital budgets if suitable properties were identified for purchase through James Elliman Homes.

The virements and write off requests totalling £616k for the three month period were considered.  The principle reasons was uncollectable business rates as a result of companies being dissolved, liquidated or in administration.  The Cabinet approved the virements and write off requests.

A delegation was sought about changing the interest arrangements for Slough Urban Renewal LLP as detailed in section 9 of the report.  The amendment proposed about changing from charging interest to a management fee would not result in any financial loss to the Council or SUR.  Members approved the delegation of this matter to the Director of Finance & Resources.

Resolved –

(a)  That the reported and underlying financial position of the Council as at the second quarter of the year be noted;

(b)  That the management actions being undertaken by officers to reduce the budget pressures be noted;

(c)  That the budget virements as explained in paragraph 8.01 of the report be approved;

(d)  That the write offs as requested in paragraph 8.03 of the report be approved;

(e)  That the S151 officer be given delegated authority to sign a members resolution agreeing that Morgan Sindall Investments waive interest due to them from 1 January 2018 to the end of the Slough Urban Renewal Wexham Green project in order to charge a development management fee as in paragraph 9 of the report.