The Finance, Innovation and Transformation Cabinet Advisory Board met on Monday 02 March 2026 to discuss the Royal Victoria Place Business Plan 2026/27, the Housing Payment Policy, and quarterly performance and financial reports. Key decisions included endorsing the Royal Victoria Place Business Plan and recommending the adoption of the Housing Payment Policy.

Royal Victoria Place Business Plan 2026/27

The Board considered the business plan for Royal Victoria Place (RVP) for the upcoming financial year, which builds on previous years' strategies to stabilise and grow the centre. Councillor Justine Rutland, Cabinet Member for Economic Development and Deputy Leader, introduced the plan, highlighting the positive impact of recent interventions such as attracting Primark and Fenwick, which have led to increased footfall and economic benefits. David Candlin, Head of Economic Development and Delivery, and Mark Harvey, Head of Asset Management at Rivington Hark, presented the report, detailing achievements from the 2025/26 business plan, including 15 unit lettings and 12 new tenants. They outlined the objectives for 2026/27, focusing on increasing the centre's vitality, attracting new national brands, and progressing development plans.

Members asked questions regarding footfall increases, incentives for new leaseholders, and the delegated decision-making process for approving deals. Councillor Martin Brice inquired about the footfall figures, noting the significant increase since the council's acquisition and the objective for a further 10% improvement. Councillor Matthew Sankey asked about incentives for incoming leaseholders, and it was explained that these could include rent-free periods or capital incentives, depending on the tenant's significance. Councillor David Somers sought clarification on the delegated decision-making process, with Councillor Christopher Hall, Cabinet Member for Finance and Property, explaining that recommendations go to the Investment Advisory Panel (IAP) for endorsement, with final decisions taken by himself and Lee Colyer, Director of Finance, Growth and Delivery, within delegated authorities. The Monitoring Officer clarified that decisions exceeding £375,000 would be considered key decisions requiring Cabinet approval. Councillor Somers also asked for clarification on capital incentive, which was explained as financial assistance for shop fitting.

The Board resolved to support the recommendations to Cabinet, which included endorsing the Royal Victoria Place 2026/27 Business Plan and delegating authority to the Director of Finance, Growth and Delivery to approve expenditure in line with the plan's objectives.

Housing Payment Policy

Zoe Kent, Head of Mid-Kent Revenues and Benefits Partnership, presented the report on the Housing Payment Policy. She explained that the Discretionary Housing Payment (DHP) scheme, administered since 2001, would be replaced by a new fund from April 1, 2026, as part of the Crisis and Resilience Fund. The council will continue to receive a grant of £129,046, equivalent to the former DHP funding. The proposed policy is based on the existing DHP policy and aims to help those in need by preventing homelessness, enabling people to secure affordable tenancies, and safeguarding residents in their homes. The policy has been developed in conjunction with the Housing Team to ensure it aligns with the Renters' Rights Act.

No questions were raised by members, and no debate was held. The Board resolved to support the recommendation to Cabinet to adopt the Housing Payments policy.

Performance Summary Quarter 3

Jane Clarke, Head of Policy and Governance, presented the performance summary for Quarter 3 (October to December 2025). She reported that out of 16 performance indicators with targets, 15 were performing, with one underperforming indicator. A recovery plan for the underperforming indicator, Council Tax collection, was available. Zoe Kent, Head of Mid-Kent Revenues and Benefits Partnership, provided further detail on the Council Tax collection, explaining that many authorities across Kent were underperforming due to factors including the cost of living crisis and changes in payment methods. She noted that the calculation method for the performance indicator, which is based on a 10-month payment scheme, would be reviewed for the upcoming year to account for the increasing number of households paying over 12 months.

Councillor David Somers raised a point about the call centre dashboard, suggesting that the overall performance indicator might be skewed by the high volume of calls to the switchboard, masking lower performance in other areas. Jane Clarke agreed to take this away and discuss it with Heads of Service. Councillor Tom Dawlings asked Zoe Kent about the availability of 12-month payment plans for Council Tax, and it was clarified that 10-month payments are standard, but 12-month plans are offered upon request or when an account is in arrears.

The Board resolved to support the recommendation to Cabinet to note the summary of service performance over Quarter 3.

Treasury and Prudential Indicator Management Report Quarter 3

Jane Fineman, Head of Finance and Procurement, presented the report on treasury management and prudential indicators for Quarter 3. She highlighted that the forecast outturn for interest from investments and bank interest for 2025-26 is £2,720,000, an increase of £720,000 from the approved budget. This increase is attributed to more cash being available for investment due to the rescheduling of capital projects. The Council has maintained compliance with all prudential indicators, with no breaches reported.

No questions were raised, and no debate was held. The Board resolved to support the recommendations to Cabinet to note the Treasury Management and Prudential Indicator position for 2025-26 and the forecast for investment and bank interest.

Capital Management Report Quarter 3

Jane Fineman, Head of Finance and Procurement, presented the Capital Management Report for Quarter 3. She reported that the forecast outturn for capital expenditure for 2025-26 is £20 million, a decrease from the initial forecast due to rescheduled projects and variations. Several new proposed schemes were detailed, including £1 million for Assembly Hall roof repairs and £504,000 for the acquisition of the TN2 Community Centre. Councillor David Somers inquired about payments made to secure tenants at Royal Victoria Place, and it was clarified that these were predominantly capital sums to assist with refitting units, details of which had been provided in previous exempt reports. Councillor Somers also asked about the £9.6 million of unallocated Section 106 monies, and it was confirmed that an appendix detailed these funds, with approximately £6 million remaining unallocated, subject to specific conditions within the agreements. Councillor Martin Brice questioned why the County Council was not undertaking improvements on North Farm Lane, and it was explained that the road is council-owned and Kent County Council had not adopted it.

The Board resolved to support the recommendations to Cabinet, which included noting the actual gross expenditure, approving proposed variations to the capital programme, approving the inclusion of new schemes, and approving the proposed movement between years.

Revenue Management Report Quarter 3

Jane Fineman, Head of Finance and Procurement, presented the Revenue Management Report for Quarter 3. She reported an actual expenditure to the end of December of £12.4 million, which was £556,000 under budget. The forecast outturn shows a surplus of £790,000, an improvement of £183,000 compared to Quarter 2. However, a significant portion of this surplus is earmarked for transfers to reserves, including £388,000 for the Public Realm 2 net income, £219,000 for the Torrington lift refurbishment, and £143,000 for RVP Car Park maintenance. The remaining £40,000 is the forecast underspend for the year. Staffing costs are forecast to be £784,000 under budget, while partnership costs are forecast to be £250,000 overspent, resulting in a net underspend of £22,000 on employee costs. The Council is forecasting additional off-street parking income of £604,000, but a significant reduction of £440,000 in crematorium income due to lower death rates and increased competition. The report also highlighted that usable reserves are forecast to fall to £18.1 million by the end of the year, with less than £1.5 million remaining after considering capital programme funding and internal borrowing, indicating a potential small deficit in reserves.

No questions were raised, and no debate was held. The Board resolved to support the recommendations to Cabinet, which included noting the Quarter 3 net expenditure and the forecast net expenditure for the year, along with the transfers to reserves.

The meeting concluded with the noting of urgent business and the date of the next meeting.