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 August 2014.  The report also included details of capital expenditure and total investments held.  It was noted that:

·  No significant financial issues had arisen during September.  The Golf Course was currently performing on budget, but the Manor Park was showing an adverse variance against the budgeted figures.  This was due to additional grounds maintenance and staffing costs being incurred as a result of increased usage of the Park following the opening of the new play area.  Costs would be monitored closely, but it was likely that there would be a small net deficit on the operations of the Estate at the end of the financial year.  There were sufficient resources from previously accumulated surpluses to cover a deficit so there would not be any implications for on-going operations or the implementation of the Master Plan.

·  The budget for the implementation of the Master Plan had been set at £1.065m.  To date there had been expenditure of £678,618 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 questions, the Senior Accountant explained that:

·  It was anticipated that projected income in relation to the Manor Park would be achieved.  A number of items would not be accounted for until year end.  In the meantime, with the ongoing implementation of the Master Plan, there was an opportunity to develop additional income streams to cover extra costs.

·  Recharges were projected to increase due to time spent by staff on matters relating to the Kent Life management agreement and the retendering of the contract for the operation and management of the Golf Course.

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