Issue - meetings

Background:

This report provided details of Medway Commercial Group Limited’s (MCG)

achievements and performance over the preceding six months (1 October 2017 – 31 March 2018) and its plans for future growth and development.

In particular, the report stated that MCG was on target to achieve its agreed accumulated savings for the next two financial years and was predicting a surplus of £254,000 for this financial year (2017/18). It was added that MCG had also provided Medway Council with circa. 7/12ths of £254k annualised savings on transferring revenue streams which were extra over savings to the rebate. In addition there had been key successes in relation to Telecare Services, CCTV and the use of Automatic Number Plate Recognition (ANPR).

Reasons:

When Cabinet agreed to establish the Local Authority Trading Company (LATC) it was also agreed that regular monitoring reports would be provided to Cabinet.