Issue - meetings

The Director of Finance, Resources and Business Improvement introduced a report setting out the financial and performance position for the services reporting into the Committee as at 30 September 2022 (Quarter 2).  It was noted that:

·  For this Committee, an overspend was currently projected against the Revenue Budget for this financial year.  This was because there were potential areas of overspend relating to the Innovation Centre, the Business Terrace and Lockmeadow Market.

·  In terms of the Capital Budget, there was a projected overspend in relation to the Mote Park Visitor Centre, but this was partly offset by an underspend on the Mote Park Lake dam works which were now complete.

·  For the Council as a whole, a balanced position was projected for the current financial year with underspends elsewhere offsetting the overspends by this Committee.

·  Performance indicators showed that footfall in the town centre and unemployment rates were still failing to achieve targets.  However, there was now a different approach to measuring footfall, using mobile phone data, which was showing an improvement on the last quarter and the same quarter last year.

During the discussion, concerns were expressed about the accuracy of footfall figures calculated using mobile phone data.

RESOLVED:

1.  That the Revenue position as at the end of Quarter 2 for 2022/23, including the actions being taken or proposed to improve the position, where significant variances have been identified, be noted.

2.  That the Capital position at the end of Quarter 2 be noted.

3.  That the Performance position as at Quarter 2 for 2022/23, including the actions being taken or proposed to improve the position, where significant issues have been identified, be noted.