Agenda item

Joint Report of Corporate Director of Neighbourhood Services and the Corporate Director of Resources / Treasurer to the Joint Committee.

The Head of Finance – Financial Services referred Members to Financial Monitoring Report, as set out in the usual format, for the period to 31 August 2012 and with projected outturn to 31 March 2013 (for copy see file of minutes).

The Joint Committee noted that the income and expenditure were in line with the budget and variances were such that projections were for a slight surplus.  Members noted a projected Reserve of £989,171 at the year end giving a strong financial position and reiterated the comments of the Superintendent and Registrar in noting that the Cremator Replacement Project had come in on time and on budget, under by approximately £2,500.

Councillor G Holland asked what a prudent level of reserves would be, given the figures as presented in the report being substantial.  The Head of Finance – Financial Services indicated that with the cyclic nature of replacement of the cremator equipment every 20 years or so, and the fabric of the building requiring works periodically then there would always be a need to be able to have reserves that would enable there works to be undertaken as required to enhance the Crematorium as an asset.  It was added that the Superintendent and Registrar was working on a Service Asset Management Plan (SAMP) to include issues of capacity within the Chapel amongst others and that this could be considered in the future by the Joint Committee with the level of reserves being important in being able to carry any proposals forward.  The Superintendent and Registrar added that increased space within the Chapel had been raised as an issue at the recent open day and in surveys of users, and the Head of Finance – Financial Services reminded Members that an option to included such works had not been affordable in conjunction with the cremator replacement, however, a SAMP, Masterplan and feasibility study as regards any works would come back to the Joint Committee with all the necessary details and risks associated being set out.

The Chair thanked the Head of Finance – Financial Services and his team for their work.

Resolved:

(i)         That the April to August 2012 Revenue Spend Financial Monitoring     Report and associated Provision Outturn position at 31 March 2013 be   noted.

(ii)        That the Cremator Replacement Project and Redevelopment Capital Project spend and associated outturn be noted.