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Agenda item
Quarter 3 Financial Update Report
Kit Wheeler (Chief Finance Officer)
Minutes:
The Chief Finance Officer presented the report. The Council is still in an overspend position but is better than the earlier predictions. Areas highlighted is the closure of the East Hill Lift and the financial impact this has from a reduction in income. There is an £81k reduction in the costs of housing, but overall there is still a overspend in Housing.
The committee asked questions:
Cllr Batsford asked if there is an update on Shared Services that was agreed at Full Council? Cllr Hilton answered that there an officer experienced in supporting shared services work creating an assessment matrix for each service area to be assessed against. Cllr Batsford highlighted it is unfortunate that there was not a response to a request sent by the Chair of Overview and Scrutiny. The Chief Executive answered that a response was sent on 14th February.
Cllr Webb asked about Hasting Housing Company and why a report has not yet been produced? The Chief Finance Officer answered a report will be produced after May.
Cllr Carr asked when the budget allocation for supporting the review of the Council’s governance system was withdrawn and who made the decision. Cllr Hilton answered that due to the Councils financial challenges and capacity the review was put on hold. There are some constitutional changes coming to the next full council. The Chief Finance Officer explained that the report should read there has been no expenditure this year.
Cllr Foster asked regarding works at Battle Road being completed but there being a difference since quarter 2. The Chief Finance Officer answered that expenditure may have been on another dangerous structure which would be covered by the same budget, but that this narrative will be reviewed.
Cllr Sinden asked regarding staff pay rises. The Chief Finance Officer answered that this year 5% rise is built into the budget.
Cllr Carr asked about progress with the culture and tourism strategy. Cllr Hilton answered there will be two tourism campaigns coming up. There is a plan to restart the cultural leadership group and there is a strand of funding that the Town Board will be able to spend. Cllr Carr asked regarding international tourism. Cllr Hilton answered that overseas work will be undertaken on behalf of the council by 1066 Country. Cllr Patmore asked for confirmation that the Council has left 1066 Country but are now paying them to do work. Cllr Hilton confirmed payments are made to 1066 Country to cover the international market.
Cllr Collins asked about the additional election officer being employed to assist with voter ID. The Chief Executive will update with an answer from the elections manager. Also requested was information regarding how the council is assisting hard to reach residents to understand about the new ID rules. Cllr Haffenden answered there have been social media updates regarding voter ID and assistance available from the Council and there is advertising going out on bus stops.
Action: Request update from Elections Manager
Cllr Collins asked about the insurance budget for the Council. The Chief Finance Officer answered there is an insurance risk reserve. The insurance budget is not published but it is reviewed annually. Cllr Carr recommended a review of how emergencies are dealt with and how the Council works with other agencies.
Cllr Carr asked regarding the green investment fund and what is the plan for it. Cllr Hilton answered that climate change is affecting the town and a proper climate adaptation strategy needs to be created. Cllr Batsford expressed the need for all Council buildings to be fit for purpose and the lowest possible carbon emissions. Cllr Hilton expressed a hope that a cross party climate change group can be established after the election.
Cllr Patmore highlighted EV charging points and that they should be making money. There was some confusion about the information available regarding the total and costs of EV charging and electricity costs. Cllr Haffenden committed to getting a clear update and responding to the committee.
Action: Clarification and update re: costs of EV electricity and future proposals to be circulated to the committee.
Cllr Carr asked regarding St Mary in the Castle and what state the building is in and if the lights and sound equipment has been maintained? Cllr Hilton answered that only health and safety checks are being completed.
Cllr Evans spoke regarding the green investment fund and the need for a specialist to review solar panels and review the decorative lighting. Cllr Hilton will request an update regarding the decorative lighting. Cllr Evans highlighted there is opportunities to apply for external funding being missed due to staff capacity. Cllr Barnett highlighted that there has been funding secured for an urban drainage specialist.
Resolved (Unanimously)
To note the contents of the report, and the actions within the conclusion and
management action section
Reasons
To assist the Council in understanding the financial position and particularly areas of
over and under spend. Early indications of emerging overspends can allow management action to be targeted to those areas. This monitoring assists in identifying areas for review in the production of the 2024/25 budget and the impact of the 2023/24 outturn on the reserves position.
Supporting documents:
- 2023-24 P10 Financial Update Report to end of January 2024 v1.2, item 20. PDF 267 KB
- Appendix 1 - DEC Revenue Monitoring, item 20. PDF 97 KB
- Appendix 2 - Capital Monitoring, item 20. PDF 198 KB
- Appendix 3 Achievement of the 2023-24 PIER savings, item 20. PDF 113 KB
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