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2nd Quarter Finance, Performance and Risk Monitoring Report

Meeting: 24/11/2021 - Policy and Resources Committee (Item 118)

118 2nd Quarter Finance, Performance and Risk Monitoring Report pdf icon PDF 159 KB

Additional documents:

Minutes:

The Director of Finance and Business Improvement introduced the financial update within the report and referenced the projected favourable revenue outturn of a £265,000 underspend. The underspend in the capital budget had resulted from the delay in the commencement of various capital schemes, rather than a cancellation of or saving against the planned schemes. 

 

The Senior Business Analyst introduced the performance update within the report; the Key Performance Indicator (KPI) for the ‘Percentage of Non-domestic Rates Collected’ had missed its target by just over three per cent, due to the end of the 100 per cent business rates relief holiday provided by the government during the Covid-19 pandemic. The ‘Percentage of Council Tax collected’ had surpassed its target.

 

Two of the targeted indicators across the Council’s other Service Committees had missed the target by more than 10 per cent; ‘Footfall in the Town Centre’ and ‘Number of youths unemployed’ however the latter was improving. The addition of the ‘Way we Work’ KPI was highlighted.

 

The Deputy Head of Audit introduced the risk management update which included the 14 risks identified within the corporate risk register. Following the previous update provided to the Committee, the four additional corporate risks had been discussed with the risk owners and scored as appropriate.

 

A risk concerning the impact of hybrid working and the retention of talent was being developed, alongside further monitoring of the IT Security Failure risk. The horizon risks were briefly outlined, alongside the continued review of the financial uncertainty risk by the corporate leadership team. The introduction of JCAD software was noted.

 

In response to questions, the Director of Finance and Business Improvement confirmed that Maidstone Property Holdings Ltd. managed properties intended for the private rental sector, as opposed to temporary accommodation. There were concerns that the financial risk surrounding capital programme schemes would be increased given the problems being experienced by the construction industry. The Director of Finance and Business Improvement confirmed that the capital programme for the next financial year would be reviewed and any additional financial risks considered. The Director of Regeneration and Place confirmed that the processes undertaken to secure contractors for various schemes had been and would remain robust.

 

RESOLVED: That

 

1.  The Revenue position as at the end of Quarter 2 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 2, be noted;

 

3.  The write off of £13,887.12 in uncollectable business rates debt, be approved;

 

4.  The Performance position as at Quarter 2, including the actions being taken or proposed to improve the position, where significant issues have been identified, be noted; and

 

5.  The Risk update, attached at Appendix 3 to the report, be noted.