Issue - meetings

Councillor Russell, the Lead Member for Leisure and Arts, introduced a report setting out the financial and performance position for the services reporting into the Committee as at 31 December 2022 (Quarter 3). It was noted that:

·  There was a projected overspend against the Revenue budget of £225,000, up from £184,000 reported in Quarter 2.  The projected areas of overspend related to the Innovation Centre, the Business Terrace and Lockmeadow Complex and Market.  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.  It was hoped that events would improve footfall in future.

In response to questions:

The Director of Finance, Resources and Business Improvement advised the Committee that:

·  In terms of the Innovation Centre, there was a delay in the Centre opening and it had taken longer for offices to fill up and income to be generated.  The pace of take-up of offices was as envisaged, but there had been a delay.  This meant that there had been a shortfall in income for the current year and, also, the Council was liable for Business Rates even if the offices were not occupied.  There was an ongoing issue which was the reason for the growth item for next year and part of the reason for the overspend this year.  This related to additional maintenance costs which were not anticipated when the building was opened and Business Rates for which the Council would be liable relating to the common parts of the building which had not been taken account of in the original budget.

·  The Council had project management capability which was gaining in experience and would apply lessons learned as projects were delivered in future.

The Lead Member for Leisure and Arts explained that in terms of footfall in the town centre, events were being arranged to attract people into the town and increase dwell time.  The Town Centre Strategy work would identify areas of focus.

The Senior Information Governance Officer explained that there was now a different approach to measuring footfall, using mobile phone data.

RESOLVED:

1.  That the Revenue position as at the end of Quarter 3 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 3 be noted.

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

4.  That the Recovery & Renewal Update, attached at Appendix 3 to the report, be noted.

5.  TO RECOMMEND TO THE EXECUTIVE:  That the reallocation of Recovery and Renewal Funding for a number of projects, as shown at paragraph 2.4 of the report, be endorsed.

6.  That the UK Shared Prosperity Fund update,  ...  view the full minutes text for item 109