Jenny Spick, Senior Manager, Financial Planning and Policy, introduced the report of the Director of Finance and Investment which set out the Council’s revenue and capital monitoring position for 2017/18 quarter 3. The report gave details of key issues within the business theme, progress on the implementation of savings and income and debt. There was a current projected underspend on revenue of £4.2m.

Jenny Spick gave a presentation to the Committee which included further details on:

·  The 2017/18 forecast outturn

·  The 2018/19 budget

·  Business Rates Overview of Income Source

·  Basics of a Government Fair Funding Review

Responding to comments from Members, Jenny Spick stated that with regard to debts secured against properties in respect of social care activities she would come back with these figures as to the level currently. The Business Rates retention pilot could last until the nationwide, full Business Rates Retention Scheme became operational and £68m was in the Council budget through this scheme. Under the previous funding system the Council would have received approximately £37m through Business rates with the remainder being made up of Rate Support Grant, Section 31 Grants and Better Care funding. Work was being undertaken across the Liverpool City Region to monitor the effects of the pilot and what the differential would have been with the previous system. With regard to all the assets held by the Council she reported that no issues had been raised by the external auditors and the Audit and Risk Management Committee received regular reports.

Responding to comments on the capital programme, Paul Satoor, Director of Corporate Resources and Reform, informed the meeting that thermal mapping was an IT system used by the highways service to target those areas most in need of gritting. The money for Eureka, the National Children’s Museum would be to support the funding application to bring forward the development proposed for Seacombe Ferry.

A Member referred to the four savings options rated as red and the fact that they had been largely mitigated by the use of contingency funding; he queried how much more contingency funding was available and suggested that answers should be provided by the Chief Executive and the Leader of the Council.

Resolved –

(1)  That the quarter 3 revenue forecast underspend of £4.2 million be noted.

(2)  That the performance of the capital projects and amendments to the capital programme within this area be noted.

(3)  That a copy of the presentation be circulated to the Committee.