Agenda item

The Executive noted the Council’s financial position at 31 December 2016.

Members were advised that, in relation to the Revenue Budget, the Council was anticipated to come in approximately £100,000 under budget, excluding the £200,000 overall savings target. Once income from the Mall and associated properties, which had not been budgeted for, was taken into account there was likely to be a surplus.

At the end of the third quarter, nearly £123m had been spent or committed on capital projects, of which £122m had been spent on property acquisition, principally The Mall, 45-51 Park Street, Camberley, and Albany Park; these purchases supported the Council’s Key Priorities 1 & 2.

Analysis carried out by the Council’s advisors indicated that investment income was likely to be £100,000 higher than had been budgeted.

The Housing Benefits debt balance at 31December 2016 was £649,000, compared with £669,000 at the end of the previous quarter.

At 31 December 2016, Sundry Debts amounted to £1.149m, compared with £1.002m for the same period the previous year. It was reported that debtors had risen due to property rents from recent acquisitions being invoiced in December but paid in January.

RESOLVED to note the Revenue, Treasury and Capital Position as at 31st December 2016.