Issue
Issue - meetings
3rd Quarter Financial Update & Performance Monitoring Report
Meeting: 06/03/2024 - Planning, Infrastructure and Economic Development Policy Advisory Committee (Item 133)
133 3rd Quarter Financial Update & Performance Monitoring Report PDF 172 KB
Additional documents:
- Appendix 1 - Finance Update, item 133 PDF 239 KB View as HTML (133/2) 46 KB
- Appendix 2 - Performance Update, item 133 PDF 243 KB View as HTML (133/3) 65 KB
- Appendix 3 - UKSPF Update, item 133 PDF 149 KB View as HTML (133/4) 32 KB
Minutes:
The Cabinet Member for Planning, Infrastructure and Economic Development introduced the report and stated that:
- There
was a moderate underspend for the year with some revenue streams
performing better than expected. Significant variances in the
Development Control Service Area were attributed to the stage of
the local plan review pre-adoption resulting in fewer Major
planning applications being submitted and less pre-application
advice being sought from the service;
- The
higher than expected service charge costs and empty units at the
Business Terrace at Maidstone House led to a shortfall of income.
There was also an overspend on the Innovation Centre from increased
running costs and a shortfall of income; and
- There
was an underspend on Sandling Road car park, where the running
costs were lower than expected.
In
response to a query, the Cabinet Member advised that new tenants
for Maidstone House were being sought, with the Council’s
rental fees being competitive to support growing businesses. Grant
funding had been provided by the Kent and Medway Economic
Partnership to expand and renovate the business terrace across the
first floor of Maidstone House.
RESOLVED: That
- The
Revenue position as at the end of Quarter 3 for 2023/24, including
the actions being taken or proposed to improve the position, where
significant variances have been identified, be noted;
- The
Capital position at the end of Quarter 3 for 2023/24 be
noted;
- The
Performance position as at Quarter 3 for 2023/24, including the
actions being taken or proposed to improve the position, where
significant issues have been identified, be noted; and
- The UK Shared Prosperity Fund update, attached at Appendix 3 be noted.