PAPER B
REPORT OF THE RESPONSIBLE FINANCIAL OFFICER
NOTES FROM FINANCIAL STRATEGY GROUP MEETING HELD ON 30TH
NOVEMBER 2021 AT LIND STREET OFFICES
PRESENT: Cllrs Jordan, Cooke, Chapman and McLagan.
Lisa Dyer (Town Clerk), Gareth Hughes (RFO), Allan Bridges (Business
Development Officer)
The RFO had circulated a draft budget paper for the 2022-23 financial year, including revised
estimates for the current financial year. The paper was given detailed consideration and the
following matters were agreed -
1.
That the draft budget be noted and that the following considerations apply -
a) That further information be sought regarding the following budget lines -
Community and Marketing Grants
St Johns Wood
Ryde Arts Festival
IW Bus Museum
Harp on Wight
Waterside Community Trust
b) That budget underspends in the current year on the following budget lines be
carried forward as Earmarked Reserves -
Salaries
Appley Tower
HSAZ
Public Conveniences
Appley Steps
Public Realm
Ryde Harbour
2.
That a further Working Group meeting be arranged to discuss future strategy, in
particular relating to the following projects -
St Thomas Church
Vectis Hall
HSAZ
Town Hall
3.
To take specialist legal advice on the lease of the offices at 10 Lind St.
GARETH HUGHES RFO
2 DECEMBER 2021
B - 1
REPORT OF THE RESPONSIBLE FINANCIAL OFFICER
NOTES FROM FINANCIAL STRATEGY GROUP MEETING HELD ON 8TH
DECEMBER 2021 AT LIND STREET OFFICES
PRESENT: Cllrs Jordan, Cooke, Chapman, Lilley and McLagan.
Lisa Dyer (Town Clerk), Gareth Hughes (RFO), Allan Bridges (Business
Development Officer)
The Working Group meeting had been convened to discuss future capital
investment strategy, in particular relating to the following projects -
St Thomas Church
Vectis Hall
HSAZ
Ryde Harbour
The RFO advised that to his knowledge there was a £500,000 limit on borrowing
approvals that could be granted in any one financial year.
Consideration was given to likely borrowing requirements in the current and
2022-23 financial years and the following borrowing need was identified -
1. Ryde Harbour and Beachfront
£250,000
2. Vectis Hall
£500,000
It was agreed to make the borrowing application for 1. Above as soon as possible to
ensure its completion in the current financial year. Borrowing applications needed to
include a minute of the Full Council detailing the borrowing amount, repayment
period etc.. It was agreed to arrange for an Extraordinary meeting of the Council to be
arranged for December 21st in order to consider the borrowing application.
Councillor Chapman expressed his concern with the speed of progress with proposed
capital expenditure on St Thomas Church. Planning was in place for the proposed
Work, but works were unlikely to be completed in the current financial year, funding for
the work was being held in an earmarked reserve.
GARETH HUGHES RFO
9TH DECEMBER 2021
B - 2
