Issue - meetings
3rd Quarter Financial Update & Performance Monitoring Report
Meeting: 15/02/2022 - Economic Regeneration and Leisure Committee (Item 137)
137 3rd Quarter Financial Update & Performance Monitoring Report PDF 157 KB
- Appendix 1: Third Quarter Budget Monitoring 2021/22, item 137 PDF 279 KB View as HTML (137/2) 33 KB
- Appendix 2: Third Quarter Performance Monitoring 2021/22, item 137 PDF 235 KB View as HTML (137/3) 80 KB
- Appendix 3: Recovery & Renewal Update, item 137 PDF 94 KB View as HTML (137/4) 25 KB
The Director of Finance and Business Improvement introduced the report and explained that there was a small overspend for the year to date with an overspend of £292,000 projected for the year. This was largely due to losses incurred at the Leisure Centre and the reduced income generated from the market, however the target for the following year would be adjusted to reflect the market’s performance.
Within the Capital budget, the bus station redevelopment had been completed and the Mote Park visitor centre and dam works were underway. Although key performance indicators (KPIs) continued to improve they had not met their targets for the quarter. Progress on the recovery and renewal projects were reported.
In response to questions, the Director of Finance and Business Improvement confirmed that savings had been made throughout the year due to vacancies not being filled, and that the salary slippage may resolve by the year end. The position taken on the compensation claim from Serco was supported by legal advice, and negotiation was ongoing.
The Head of Regeneration and Economic Development explained how footfall data was collected and alternative methods of capturing footfall data using anonymised mobile phone data. The new business park planned at Woodcut Farm had the potential to create over 1000 jobs and Mid-Kent College were building a new centre on the Oakwood site. The delay in opening MidKent College Skills Hub in the Mall was due to work needed to improve the condition of the unit being used, and it was confirmed that monies allocated to the project through Recovery and Renewal funding would not all be paid upfront.
1. The Revenue position as at the end of Quarter 3 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 3 be noted;
3. The Performance position as at Quarter 3 for 2021/22, including the actions being taken or proposed to improve the position, where significant issues have been identified, be noted; and
4. The Recovery & Renewal Update be noted.
Note: Councillor Cannon arrived during this item.