Finance Committee report November 2016

Cllr Alan Shepherd, Finance Committee chairman, writes:

While there has not been a finance committee meeting since the last main ‘first Tuesday’ council meeting, there has still been activity.

As Councillors will be aware the loan application to assist with the funding of the MUGA was submitted to WALC for checking and onward transmission to the Department for Communities and Local Government (DCLG) some time ago. DCLG have recently reverted to the Clerk with a number of questions, most of which were already covered in the original application. The additional information and response has been provided to DCLG.

However they have required that council passes a specific resolution to seek permission from the Secretary of State for the proposed loan. This had not been picked up. While we have argued that this is implicitly covered in the original resolution (as amended) passed by the Council, given their comments it is recommended that Council now passes the following resolution:

Resolution that Council seeks the agreement of the Secretary of State for the proposed loan of £200,000 to be taken from the Public Works Loan Board with a repayment period of 10 years.

Hopefully by the time of the Council meeting all committees will have submitted their budget requests for next year and the grant applications will have been received to enable the Finance Committee to start preparing the overall budget and proposed precept for next year shortly.