Issue - meetings

Report of the Interim Section 151 Officer attached.

Decision made (Unanimously):

1.    That Cabinet notes, reviews and comments on the contents of this report.

2.    That cabinet approves the creation of a Credit Union Reserve and to earmark £150,000 from the forecast budget underspends to pay into this reserve.

The Cabinet Member for Finance, Property and Assets, Councillor Matthew Tomlinson, presented a report of the Interim Section 151 Officer which provided members with an update on the Council’s overall financial position as at the end of December 2019, which is quarter 3 of the financial year 2019-20. The report also provided a forecast of the projected outturn to 31 March 2020 compared to the current approved budget.

The recommendation to create a Credit Union Reserve to ensure the most vulnerable residents have access to credit was highlighted. A proposed cost of £150,000 would be required to set up the Reserve for three years.

In response to Councillor Damian Bretherton’s queries about the set-up costs and income generated after the initial three years, the Cabinet Member clarified that the council would be working with an existing Credit Union to establish a base at South Ribble. This was a not for profit scheme to meet a recognised need within the borough and would be funded through forecast budget underspend before becoming self-financing after the initial three years.

Decision made (Unanimously):

1. That Cabinet notes, reviews and comments on the contents of this report.

2. That Cabinet approves the creation of a Credit Union Reserve and to earmark £150,000 from the forecast budget underspends to pay into this reserve.

Reason(s) for the decision:

Robust financial monitoring, including scrutiny and challenging information, is a crucial aspect of running a successful and effective organisation.

Alternative Options Considered and Rejected:

Not applicable