Issue - meetings

The recommendation from the Executive regarding the investment strategy update on the Medium Term Financial Strategy was presented by Councillor Azad.  A number of points were raised by Councillors, including the ongoing work to develop a flood alleviation scheme for Byfleet and the importance of the finance training provided on the previous evening.  The points raised were addressed by Councillor Azad and it was

RESOLVED

That  (i)    the Medium Term Financial Strategy (MTFS) Investment Strategy Update report be approved and the Executive be authorised to continue to prepare an Investment Strategy for future consideration which would generate sufficient income to avoid reduction in services for local people; and

Reporting Person – Leigh Clarke

Following approval of the current Medium Term Financial Strategy (MTFS) by Council in April 2018, the Executive received a report which provided an update on the outlook and which recommended to Council a strategy to continue to move towards a sustainable medium term position.  The Portfolio Holder for Corporate Financial Planning and Policy, Councillor Azad, reported that the Council had made good progress in securing income to reduce cost pressures and lost sources of funding.  The Executive noted that the MTFS assumed continued funding reductions throughout the period to 2021/22.  Councillor Azad explained that the MTFS recommended further investment in strategic property and detailed proposals were set out in the confidential report to be considered under Part II of the agenda.

Regarding the proposed acquisition of CMS House, Officers advised that it was an investment property and no development was planned at the current stage.  Following a question concerning the next Business Rates pilot, the Executive was informed that Surrey County Council (SCC) had submitted a strong case for delivering a successful pilot and that the result of the bid was awaited.

Councillor Barker questioned the options for music, orchestra and dance groups when the lease for HG Wells ended in 2020.  The Executive was informed that Officers had been engaging with community users of HG Wells and that recommendations would be received by the Executive following the work undertaken to identify needs.

Discussion ensued on SCC support and it was noted that the MTFS assumed that Woking would lose its remaining income in 2019/20, with the exception of waste funding which was assumed to be lost in 2021/22.  The risk of SCC withdrawing its funding to community and voluntary groups in Woking was raised and Officers advised that a risk analysis was being undertaken.

Following a question regarding leases expiring during the MTFS period, the Executive was advised that risks would largely be mitigated through the use of reserves whilst properties were re-let.

The Executive discussed the Hoe Valley Flood Alleviation and Enhancement Scheme and it was noted that it had not been possible to secure grant funding for the whole scheme as yet.  However, Officers would continue to seek grant funding.  Schemes which could be delivered in the current Municipal Year were highlighted, such as Rainwater Gardens in Sheerwater.  Councillor Hughes asked whether the results of the Hoe Valley Scheme consultation had been published and Officers agreed to check that Councillors had been made aware of the results.

RECOMMENDED to Council

That  (i)    the Medium Term Financial Strategy (MTFS) Investment Strategy Update report be approved and the Executive be authorised to continue to prepare an Investment Strategy for future consideration which would generate sufficient income to avoid reduction in services for local people; and

          RESOLVED

That  (ii)   the acquisition of CMS House, initially funded by the opportunity purchases budget, be allocated to the Investment Programme MTFS Investment Strategy budget.

Reason:   The decision is sought to set the framework for Officers to develop the detailed budget  ...  view the full minutes text for item 6

Reporting Person – Leigh Clarke