Finance Committee Meeting Summary

  • The Finance Committee held their monthly meeting on Wednesday, 28 October 2020
  • The Budget Execution Report for September, Quarter Two Management Accounts 2020/21, and an update on COVID-19 related expenditure was discussed on the Open Agenda
  • Calculation of IT recharges to SHG Directorates and progress relating to sale of property in the Chief Secretary housing stock was also raised

A meeting of the Finance Committee was held on Wednesday, 28 October 2020.

Deputy Financial Secretary, Nicholas Yon, presented a number of items including the Budget Execution Report for September 2020; the Quarter Two 2020/21 Management Accounts; and an update on COVID-19 related expenditure.

In relation to the Budget Execution Report for Period Six, September 2020, Committee Members noted that the forecast under collection in revenue of £16k for the year-end was not as significant as had been envisaged at the beginning of the year when the COVID-19 global pandemic was first highlighted as having a potentially serious negative impact due to the travel restrictions imposed for the Island.

The projected overspend for the year-end totalled £436k, with this being attributed to various areas including an increase in the number of medical evacuation flights for the full year, increased costs of Income Related Benefits, increased costs of payments of Basic Island Pension, and a forecast overspend in the Children and Adults Social Care Directorate. 

Expenditure on COVID-19 related activities from March to 21 October 2020 totalled £2.1m. Members noted that a total £216k had been received from passenger and cargo revenues.

Under ‘Any other Business’ Members enquired about the formula used by Corporate IT when calculating IT recharges to SHG Directorates and it was agreed that the relevant information would be circulated to them. A question was also asked about progress relating to the sale of property in the Chief Secretary housing stock, as it was understood that valuation of some properties had been revised. The Financial Secretary undertook to provide an update at the next Finance Committee meeting.

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13 November 2020

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