Issue - meetings
Medway Commercial Group Limited (MCG) Six Monthly Report
Meeting: 25/08/2020 - Cabinet (Item 11)
11 Medway Commercial Group - Six Monthly Progress Report 
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Additional documents:
Minutes:
Background:
This report provided a six-monthly progress report on Medway Commercial Group’s (MCG) performance for quarter 4 (2019-2020) to quarter 1 (2020 -2021). The report also explained a requirement for MCG to align its accounting policies and year end with Medway Council due to the Council requirement to produce Group Accounts from this financial year (2020 -2021).
The report explained that in quarter 1 of this financial year the MCG Board commissioned a Business Strategy for MCG which was scheduled for Board approval in September and would be presented to the Cabinet in October 2020. The Business Strategy would set out a road map for business areas of activity for MCG including the adoption of a new organisational structure from financial year 2021-2022 and brand identity to support improved commercial performance.
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Decision number: |
Decision: |
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The Cabinet noted the six-monthly performance report for MCG for the period Quarter 4 (2019-20) to Quarter 1 (2020-2021). |
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108/2020 |
The Cabinet agreed to delegate authority to the Chief Legal Officer as Corporate Client for MCG to ensure that MCG Accounts are produced for consolidation in the Council’s Accounts from this financial year (2020 – 2021). |
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The Cabinet noted that a further report will be presented to its October meeting cycle on adoption of MCG’s Business Strategy. |
Reasons:
When Cabinet agreed to establish MCG it was also agreed that regular monitoring reports would be provided to Cabinet.