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MAIDSTONE BOROUGH COUNCIL

COBTREE MANOR ESTATE COMMITTEE

26 APRIL 2010

REPORT OF THE HEAD OF FINANCE

1              FINANCIAL POSITION 2009/10                                                                                                  

1.1        Issue for Decision                                                                                                          

1.1.1   To consider the current financial position of the Golf Course and Manor Park as at 28^th February 2010.                                                                                           

1.2        Recommendation of the Head of Finance                                                    

1.2.1   That the current financial position as at 28^th February 2010 is noted.                                                                                       

1.3        Reasons for Recommendation                                                                     

1.3.1   Attached at APPENDIX A is the current financial position as at 28^th February 2010.                                                                                                      

1.3.2   The budget figures in the estimate column are the revised estimates that were presented to the Cabinet Member for Leisure & Culture for his consideration. These have now been approved.                                                                                          

1.3.3   The statement also includes details of capital expenditure, the projected loan repayment position, deposits held and total investments held at APPENDIX B.                                                                                         

1.3.4             A verbal update on the position as at 31^st March 2010 will be provided at the meeting.                                                                                                                                                    

1.4         Cobtree Manor Park – Additional Costs                                                                           

1.4.1    There is still an overspend on the Premises Costs heading. Members will be aware from the previous meeting that there have been unanticipated costs incurred in respect of the replacement boiler at 3 Stream Cottages, and underpinning at Garden Cottage.                                          

1.5        Alternative Actions and Why Not Recommended                                          

1.5.1   The Committee could not receive updates during the year on the financial position, but this would not be consistent with good financial management.                                                                                                                                                                                              

1.6        Impact on the Charity’s Objectives                                                              

1.6.1   The net surplus on the activities of the Golf Course and Manor Park is utilised to repay the Long-Term loan to the Council. Details of the current loan position are shown at APPENDIX B.                                                                                                                                                                

1.7        Risk Management                                                                                                                     

1.7.1   Good financial management allows more informed decisions to be made regarding the ongoing activities of the Trust.                                                                                                                                       

1.8        Other Implications                                                                                                                                                                                       

1.9                  Financial Implications                                                                                  

Financial Implications are detailed in the report above.