Issue - meetings

The Committee considered the report of the Head of Finance and Resources setting out details of the financial position in respect of the Golf Course and the Manor Park as at 31 May 2014.  The report also included details of capital expenditure and total investments held.  It was noted that:

• The 2013/14 outturn position, set out in Appendix A to the report, showed the net operational surplus for the Estate was £9,252.  This was lower than previous years due to a combination of increased running costs at the Manor Park and some one-off costs incurred in respect of the Kent Life attraction.  The draft accounts for 2013/14 would be reported to the meeting of the Committee scheduled to be held in September.

• The Golf Course was projected to continue to produce a healthy net surplus for 2014/15, but the projected deficit on the Manor Park meant that only a small overall net surplus was forecast.  Costs would be monitored closely to ensure that the activities of the Estate at least break even for the year.  There would also be some additional costs incurred in respect of the Kent Life attraction, but it was anticipated that there would be sufficient income to cover them.  With the ongoing implementation of the Master Plan, there was an opportunity to develop additional income streams to cover these extra costs. 

·  The budget for the implementation of the Master Plan had been set at £1.065m.  To date there had been expenditure of £678,068 on Phase 1 works in respect of the play area, car park and other associated works, and funding to the value of £506,000 had been drawn down from the endowment fund to cover the expenditure, with the balance being funded from previous operational surpluses generated from the Estate activities.

In response to a question by a Member, the Senior Accountant confirmed that regular updates would be provided to assure the Committee that costs were being monitored closely.

RESOLVED:  That the financial position in respect of the Golf Course and the Manor Park be noted.