Issue - meetings

Shareholders' Report

Meeting: 28/09/2017 - Executive (Item 43)

43 Shareholders' Report pdf icon PDF 387 KB

Decision:

That:

 

1)        the budget monitoring position for the month ending 31 July 2017 be noted;

 

2)         the operational update for the period to 31 July 2017 be noted.

 

Minutes:

(Councillors David Lee, Norman Jorgensen and Stuart Munro declared personal interests in this item)

The Executive considered a report providing an operational update and the budget monitoring position of the Council Owned Companies for the month ending 31 July 2017.

 

During the Executive Member for Finance’s introduction of the report he highlighted the revised report structure which had financial information on the companies and their subsidiaries separated from the operational reports.  It was noted that the financial information contained in the reports showed very little variation from budget but it was of course early in the financial year and it was anticipated that profits would be generated in the next financial year. 

 

Councillor Whittle was disappointed with the delay of the completion of both the Phoenix Avenue development and the Grovelands project but advised that it was expected that the delay costs would be recouped.  Members were advised that Martin Farrow had been appointment as the permanent CEO for Optalis.

 

Councillor Lee highlighted that although the cumulative numbers set out in the profit and loss tables were all negatives the expectation was that for the year ending 2018 Wokingham Housing Ltd and its subsidiaries would be making a profit.  In addition he congratulated the companies for the work they had done in providing 68 units at Phoenix Avenue, which would be occupied in early December, and the 34 units at Fosters Extra Care facility. 

 

RESOLVED that:

 

1)        the budget monitoring position for the month ending 31 July 2017 be noted;

 

2)         the operational update for the period to 31 July 2017 be noted.