Report of the Head of Finance to inform the Committee of the Council’s 2019/20 financial position at the end of November 2019 (Period 8).

The committee received the report of the Head of Finance.  The Head of Finance introduced the report highlighting some key areas of interest, including the unfavourable service variance of £0.242 million, the reduced capital finance charges and the significant variance in the capital outturn due to changes in the capital programme. There had been little material change in the council’s funding and the reserves were largely unchanged.

It was noted that the masterplan for the Town Hall was progressing. Regarding the proposed investment in the area, it was confirmed that £8 million was allocated to the Town Hall and £4 million for the Colosseum. The budget for the Colosseum would include work on the windows, roof and building management system and to make any changes required for the new operator to improve its financial sustainability. The previous major renovation of the building had been in 2009.

Members questioned the changes following the sale of Woodlands Block E in the Riverwell development. Officers responded that there had been a gain in income and risk and reward had had to be balanced. The Farm Terrace Allotment site would be taken on by a Registered Social Landlord.

RESOLVED –

that the 2019/20 Period 8 Finance Digest, as shown at Annex A to the report, was considered and the revenue and capital forecast outturn positions were noted.