The Lead Member for Finance presented the latest Financial Update report that sets out the Council’s financial performance to date in 2017-18.  The projected over spend was £543,000.  An in-year mitigation exercise had been undertaken prior to September Cabinet and £1,290,000 of savings were identified. These savings continue to offset the pressures in all directorates.

A significant adjustment to the Council’s net business rate income has been made by the Ministry of Housing, Communities and Local Government as detailed in paragraph 4.6.  A £120,000 grant has been received from the Department for Transport for pothole repairs, further details in paragraph 4.13.

The Council remained in a strong financial position; with General Fund Reserves of £7,243,000 in excess of the £5,780,000 recommended minimum level set at Council in February 2017.

Cabinet were informed that an additional recommendation was proposed that allowed a new discount for Advantage Card tariff in the Magnet and Windsor Leisure Centre car parks following the required consultation period. 

Members were informed that that a tariff had not been applied as there had been an existing £10 discount charge available to leisure centre user discounting parking charges. It was proposed to bring residents discounts to these car parks in line with the new policy approved when the 2018/19 budget was set.

The Lead Member for Culture and Communities informed that she supported the additional recommendation and felt it would encourage people to use the leisure centres.  

The Deputy Lead Member for Finance informed that Cabinet had previously discussed the £678,000 Government support for businesses.  Currently £476,971 had been awarded leaving £201,028 available, this was an updated figure from when the report was published.  Each Councillor had been provided with a list of businesses in their ward who may be eligible to the support and the Council had also written to the businesses encouraging them to apply.  There was one week left before the scheme closed and the money being returned to the Government.

Cabinet were informed that the Ministry of Housing, Communities and Local Government had revised the business rate tariffs that had reduced the budgeted amount the Council was expected to pay by £1,622,000.  With the estimated change to the 2017/18 Levy and the S31 Grant the adjustments to the business rate income now stood at £2,021,000, with £500,000 being set aside for NNDR3 adjustment a total of £1,521,000 was to be transferred to the Capital Fund.

The Principal Member for Ascot Regeneration informed that he had contacted all the potentially eligible businesses in Ascot and was disappointed at the response.  Two businesses had been awarded support one receiving £17,000 for this year and the other receiving £12,000 for this year and next year.

The Lead Member for Environmental Services asked how confident the Lead Member for Finance was that borrowing was being managed.  Cabinet were informed that appendix D showed the Council’s cash balances for the next 12 months.  If the projected capital projects were all approved there would be £120,000,000 of debt, which included £50,000,000 of debt inherited from the last Liberal Democrat administration.  Existing contracts were due to bring in £70,000,000  and this did not include revenue expected from the Maidenhead Golf.

The Leader of the opposition asked for further information on how far back the inherited debt went and was informed that this would be sent to her.

Resolved unanimously: That Cabinet:

i)     Notes the Council’s projected outturn position for 2017-18 and mitigating actions to address service pressures.

ii)    Notes the adjustments to 2017-18 business rate income following the release of revised data by the Valuation Office Agency. Details in paragraph 4.6.

iii)   Approves a £120,000 Department for Transport funded capital budget for Pothole repairs. Details in paragraph 4.13.

iv)   Approves the implementation of new discounted Advantage Card tariffs in the Magnet and Windsor Leisure Centre car parks, following the required period of consultation, as set out in Appendix H.