Venue: Committee room C - Merton Civic Centre, London Road, Morden SM4 5DX. View directions
Contact: Julia Regan Head of Democracy Services
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Apologies for absence Minutes: Apologies were received from Councillors Iain Dysart and Suzanne Grocott. |
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Election of chair Minutes: Councillor Southgate was elected to chair this meeting. |
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Financial monitoring report - quarter 1 PDF 554 KB Caroline Holland, Director of Corporate Services
Minutes: The Director of Corporate Services, Caroline Holland, briefly introduced the report. She drew the task group’s attention to the forecast year end underspend of £1.2m, adding that it is still early in the financial year so the position is likely to change. She highlighted the mixed position in relation to departmental spend as set out in section 3 of the report, and the forecast underspend on corporate items shown on page 12. She said that regular updates on the capital programme would be provided and that the accuracy of predicted capital spend is continuing to improve. The task group noted the £222k transfer to the capital programme. Members requested more detail on the two Transport for London Biking Borough Schemes and noted that the borough has passed stage one of the shortlisting process for a Mayor of London cycling funding scheme. ACTION: Head of Democracy Services to ask Director of Environment and Regeneration for the details of these schemes. In response to a question on corporate items, the Director confirmed that the line “investment inc” on appendix 2 refers to investment income, which is predicted to be higher than in the original budget and is greater than the re-profiled cost of borrowing. The task group welcomed the more finely tuned approach to profiling investment income and the cost of borrowing. Members asked a number of questions in order to understand the background to the financial decisions that they are required to make at Council. The responses of the Director and the Assistant Director of Resources, Paul Dale, are set out below: Departmental summary
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Date of next meeting - please bring your diaries 29 or 31 October 2013 18 or 19 February 2014 Minutes: ACTION: Julia Regan to email all task group members to arrange the dates of the next two meetings. |