The Head of Finance introduced the report, which looked back at the period to the end of June 2021. Regarding the revenue budget, a year-end underspend of £19,000 was forecast for the Committee, and an underspend of £144,000 for the Council as a whole.

The capital budget showed a spend for the first quarter of £543,000, the most significant spend being on the Mall Bus Station Redevelopment. The Mote Park visitor centre and estate services building was expected to be completed in 2022.

The performance monitoring report reflected the recovery from the pandemic. Although footfall in the town centre missed its target by less than 10%, it was the highest recorded since pre-pandemic and the Economic Development team expected to see this continue to rise. Number of youths unemployed missed its target by more than 10%, but the numbers were seen to be decreasing. House prices in Maidstone had seen a significant increase of 10.2% on average.

In response to questions, the Head of Finance explained that the amount allocated for the final round of funding under the sales, fees and charges compensation scheme was not likely to have a significant impact on the Committee.

The Chief Executive Officer advised that calculations would come forward comparing earnings to property prices as an indicator of the challenge faced in the borough with regards to accommodation. The Interim Chief Executive Officer of Heart of Kent Hospice had provided a report on the economic impact of Elmer’s Big Heart of Kent Parade, and arrangements could be made for the report to be presented to the Committee.

RESOLVED: That

1.  The Revenue position as at the end of Quarter 1 for 2021/22, including the actions being taken or proposed to improve the position, where significant variances have been identified, be noted;

2.  The Capital position at the end of Quarter 1 be noted; and

3.  The Performance position as at Quarter 1 for 2021/22, including the actions being taken or proposed to improve the position, where significant issues have been identified, be noted.