Decision details

To note the financial position of the Golf Course and Manor Park as at 30September 2011 and to consider giving delegated authority to the Officers to authorise unbudgeted expenditure up to the value of £3,000 in emergency situations.

1.  That the financial position as at 30 September 2011 be noted.

2.  That the Officers be given delegated authority in consultation with the Chairman or the Leader of the Council to authorise unbudgeted expenditure up to the value of £3,000 in emergency situations subject to any such expenditure being reported to the next meeting of the Committee.

The financial position as at 30 September 2011 is set out in Appendix A to the report of the Head of Finance and Customer Services.  No significant financial issues have arisen during October 2011.  The Golf Course and Manor Park are both currently operating within budget.

Details of the loan repayment position, deposits held and total investments held are set out in Appendix B to the report.

Investments

The market value of the investments held with Charifund now stands at £1.279m which is some £11,000 less than the purchase value and a reflection of the current economic condition.  Given that it is not the intention to liquidate any of the investments this will not present any operational difficulties, and it should be the case that the market value will rise as economic conditions improve.

Loan Repayment

The loan to the Council was repaid by 31 March 2011.  However, there is still a sum (approximately £18,000) owing to the Council, but this will not cause any operational issues and the Charity will be able to repay this sum during 2011/12.

 Authorisation of Payments by Officers

There are occasions when emergency situations will lead to expenditure being incurred that has not been specifically budgeted for.  The Committee has previously indicated that it would be prepared to allow such expenditure to be incurred without its specific authorisation, subject to a report being made to the next scheduled meeting, but a limit for such expenditure has not been formally specified.  It is considered that the sum of £3,000 per expenditure item would be appropriate subject to prior consultation with the Chairman or the Leader of the Council and any such expenditure being reported to the next meeting of the Committee.

The Committee could choose not to proceed on this basis, but this would not be consistent with good and transparent financial management.