Money Matters 2019/20: Review of the Financial Performance against the Financial Strategy
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
To note the report and the issues raised on
1.1 Noted the report and issues raised within and that Leadership Team with Cabinet Members will continue to closely monitor and manage the Medium Term Financial Strategy.
1.2 Recommended to Council to approve and update the Medium Term Financial Strategy:
· To increase the Economic Growth Budget by £50,000 in 2019/20 and £100,000 in each subsequent year to reflect the inclusion of three new posts to support this Council priority.
· To increase the Disabled Facilities Grants budget in 2019/20 from £1,714,000 to £1,948,000 with the additional spend funded by £234,000 of additional external grant.
· To increase the Affordable Housing budget in 2019/20 from £400,000 to £614,000 with the additional spend funded by £214,000 of Section 106.
· To reduce the Stowe Pool Improvements project from £1,000,000 to £50,000 to reflect the removal of the Heritage Lottery Grant of £950,000.
1.3 Recommended to Council to approve and update the Medium Term Financial Strategy:
· To reduce the loan to the Company from £900,000 to £675,000 (no change to the period of 5 years).
· To undertake a £225,000 equity investment in the Company.
· To charge 4% rate of interest on the loan to the Company to enable compliance with State Aid.
1.4 Recommended to Council to approve:
· The ‘Buy Out’ of the remaining Actuarial Strain Payments during 2019/20.
· The funding of the cost of the ‘Buy Out’ of £468,000 is provided by the earmarked reserve established for this purpose.
· An update to the Medium Term Financial Strategy based on the information included in the financial implications section of this report.
Report author: Anthony Thomas
Publication date: 11/09/2019
Date of decision: 10/09/2019
Decided at meeting: 10/09/2019 - Cabinet