It was noted that there were was a vacancy on Budget Panel following the resignation of Antony Barton from Watford Borough Council.

Apologies were received from Councillor Parker.

There were no disclosures of interest.

The minutes of the meeting held on 15 January 2019 to be submitted and signed. 

The minutes of the meeting held on 15 January 2019 were submitted and signed.

Report of the Head of Finance – Finance Digest 2018-19 Period 10 is attached for review

The Head of Finance introduced the Finance Digest for period 10, 2018/19.  This showed the expected financial position (forecast outturn) for the current financial year, based on the actual performance at the end of January 2019 set against the latest budget.

It was reported that there was limited change in the expected forecast outturn since Budget Panel had last reviewed the digest in January.  Looking at the revenue summary, the Head of Finance highlighted some unfavourable variances, including in recycling fees and legal costs, which would be managed through the council’s reserves. 

There followed a short discussion about the council’s capital programme, which was subject to slippage in a number of areas including proposals for Oxhey Park North and the Town Hall redevelopment.  Finance officers also continued to monitor and challenge variances in departmental expenditure throughout the year.

Budget Panel members queried the council’s internal borrowing activities and it was requested that some training on this issue be included in Budget Panel’s 2019/20 work programme.

It was noted that council tax and business rates collection were above target for the year and reflected some of the highest rates in Hertfordshire.

RESOLVED –

that Budget Panel notes the content of the Finance Digest 2018/19, period 10.