Members considered the latest financial update.

Cabinet was addressed by Mark Newcombe, Chair of the Craufurd Arms Society Ltd and CAMRA Public Protection Officer for Slough, Windsor and Maidenhead. Mr Newcombe explained that the Craufurd Arms had been listed as an asset of community value in 2015 therefore a 6 month hold had been put on its sale, enabling the community society to raise funds though share ownership. In total 193 investors had raised £310,000 alongside a grant of £30,000 and a £70,000 loan. Nearly all supporters were local who wanted to save the last pub in north Maidenhead. A loan of £65,000 would help to cover the VAT on the purchase price; Mr Newcombe confirmed this was the value being requested despite an increased bid. He thanked councillors and officers who had supported the proposal despite limited legislation to protect pubs.

The Chairman commented that the society was a shining example of when a community mobilised to create positive action. He offered to provide the society with a letter from the council to the current owners, and facilitate a similar letter from the constituency MP. He highlighted that a report would be coming to Cabinet in May to look at options for Article 4 directions to remove permitted development rights on pubs.

The Lead Member introduced the report. He explained that it included a proposal to increase fostering care allowances in line with the announcement by the government to raise national rates.

Members noted that an underspend of £0.5m was now predicted, with all Directorates contributing for the first time. This would leave reserves at £6.4m, well above the budget target figure of £5.3m. The Adults, Children and Health directorate was predicting an underspend of £31,000 on a budget of £57.5m. The Lead Member commented that this should be applauded given that a single individual case with high care needs could cost up to £100,000. The Corporate and Community Services directorate predicted an underspend of £64,000 against a budget of £4.3m, despite significant planning pressures. The Operations and Customer Services directorate predicted an underspend of £428,000 against a budget of £2.6m.

Capital slippage amounted to £13m. This had increased from £10m when the budget was presented, not due to delays but the fact that funding was often applied for in one year with expenditure anticipated over a number of years.

Members noted the cash flow projection on page 155 of the report. Debt was set to rise to fund the priority tactical investment programme in the range of £73m for regeneration, school expansion and the plans for York House.

RESOLVED UNANIMOUSLY: That Cabinet:

i)              Notes the Council’s projected outturn position

ii)            Approves the Foster Care allowances contained in paragraph 4.4 and Table 2. 

iii)           Approves a £65,000 loan the Crauford Arms Society Ltd. repayable after three months at a rate of 5% p.a. The loan would be secured on the Crauford Arms pub should the Society be successful in purchasing it. Details in paragraph 4.17.

iv)          Approves the addition of the Crauford Arms Society Ltd to the Council’s counterparty list for loans.