The Lead Member for Finance introduced the council’s latest financial update report for 2018-19 that confirmed a projected overspend on service budgets of £1,426,000 with a General Fund Reserves of £8,663,000.

The Lead Member for Finance informed Cabinet that as well as noting the current projected outturn position there were an additional three recommendations in the report.

Cabinet were asked to approve an additional capital budget of £61,000 for the council’s two participatory budget schemes, Greenredeem and Member Budgets.

To approve that the Royal Borough act as guarantor for Windsor and Maidenhead Youth Counselling Service.  This former charity had changed its status to an incorporated organisation and 2.5FTE are to be TUPE transferred from RBWM.  In order to do so, the organisation would need to apply for admitted body status to the Berkshire Pension Fund. To be accepted as an admitted body, a bond or guarantor is required to cover potential future liabilities arising from an early termination of the admission agreement.

The Lead Member for Finance informed that as per the two previous Financial Update reports to Cabinet he was confident that the NET financial outturn would remain at a £1.4 million overspend.  The outturn was not expected to significantly improve or decline.   The budget continued to be subject to national pressures such as high cost child placements for our vulnerable children and the ability to fully recover business rates.

Cabinet were informed that the cost of the Royal Wedding between HRH Prince Harry of Wales and Ms Meghan Markle was £1,178,000. A reimbursement of £1,085,000 had been received from the Department of Culture, Media and Sport. The balance of £93,000 had been transferred from the balance sheet to general fund reserves.

With regards to business rate revaluation support the methodology for the distribution of the £329,000 had been agreed and implemented to help support our hard working companies who had been adversely affected by the revaluation.

The Lead Member for Finance informed that the last recommendation in the report was for the removal from the capital budget of £18,361,250 for the acquisition of residential or commercial properties relating to the Maidenhead Golf Course development site.

The Chairman mentioned that the budget had been put into place to support the Maidenhead Golf Course development site but this was no longer required and the removal of the funds should give residents living near the site reassurance.

Resolved unanimously: that Cabinet:

i)        Notes the Council’s projected outturn position for 2018-19 and requests work continues to identify mitigations to offset the projected variance

ii)    Approves an additional capital budget of £61,000 for the council’s two participatory budget schemes (Greenredeem and member budgets), see paragraph 2.2.

iii)   Approves the Council act as guarantor for Windsor and Maidenhead Youth Counselling Service which is the same approach taken with both the Ways into Work and Parkwood Leisure contracts, see paragraph 2.3.

iv)   Removes a capital budget of £18,361,250 for the acquisition of residential or commercial properties relating to the Maidenhead Golf Course development site from the capital programme.