Issue - meetings

The Head of Finance (HoF) for ECS and Corporate Services attended to provide the Budget Monitoring update.

A Member asked why green garden waste was losing money despite the fact that more people were using the service. The HoF explained that there was an element of a one off cost that had to be factored in for the purchase and delivery of the wheeled bin for new subscribers, which was recovered over a 4 year period. But it was also the case that the Council would need to assess if the fees and charges for this service were in line with the costs being incurred by the Council for its delivery.  . 

There was a discussion with respect to projected income from advertising. There were two estimates quoted, one for a profit and one for a loss. A Member queried why this was the case. The Director for Environment and Public Protection replied that this was probably because two different contracts were being referenced. He said that he would look into this and report back.

A Member raised the issue of the uncertainties of TfL funding as this was financing certain Council positions and projects. It was noted that this grant funding was due to run out on the 11th of December and the Member asked what could be done to mitigate the the effects of this.  The Director responded that the Council was hoping to understand before Christmas what the position was in terms of TfL grant funding.

The Chairman noted that the Council was being supported by £444k of specialist Covid funding and wondered how long this was for and what would happen in the long term if the cost drivers did not diminish. The Head of Finance explained that it was very difficult at the moment to accurately forecast budgets. The Council over the last one and a half years had received £300m with respect to Covid grants, the vast majority of which had gone to businesses and residents directly. There was some residual grant funding left over which was unringfenced but this was limited. In the previous budget, the predicted shortfall from parking income had been allowed for, but it was difficult to assess how many of these changes with respect to town centres and parking had now become embedded as a result of COVID.

RESOLVED that the Budget Monitoring report be noted.