Issue - meetings

Background:

This report provided details of Medway Norse’s achievements and performance up to the fourth quarter in its second year of trading and its plans for future growth and development.  

The report stated that Medway Norse had continued to make good progress and in this quarter it had experienced further growth across the board. For the year-to-date the joint venture was 6.9% up on the budgeted target for total sales and 2.2% up on its latest profit target, which subject to final accounts, was anticipated to be £508,151.  Under the terms of the joint venture agreement in Year 2 the Council would retain 66.6% of the profit at year-end. In total in the first 19 months of operation, a rebate of 8% of the core budget had been returned to the Council.

The report provided a number of examples of its activities including a breakdown of expenditure in Medway.

It was noted that the report would be referred to the Business Support Overview and Scrutiny Committee for consideration on 25 June 2015.

Reasons:

When Cabinet agreed to establish the joint venture company it was also agreed that regular monitoring reports would be provided to Cabinet.