The Mayor and the Chief Executive Officer for the EDC presented the budget proposals for the business unit to the Board.

The Board questioned whether in terms of the overall budget build, would the EDC be able to make the savings required form 1^st April 2012. The Board were advised that the EDC would be able to make the savings and they were confident that the savings would be implemented from the 1^st April 2012.

The Board questioned how confident the CEO of the EDC was to meet the targets for income generation as set out in the budget proposals. The Board were advised that the CEO of the EDC was confident the income would be generated.

The Board questioned how far advanced the proposals are to transfer Brixham Town Hall to the Town Council and move connections staff out. The Board were advised that discussions are ongoing and that a meeting is taking place on the 26^th January with Brixham Town Council to discuss this further. The Board advised that there are also ongoing discussions taking place with Brixham Library regarding the potential moves. 

The Board questioned whether there are any development items or cost pressures within the EDC which O&S should be aware of at this time. The Board were advised that there are no immediate pressures, however they were reminded that the EDC no longer had any unallocated reserves in place as a consequence of the 2012//13 budget build. The Board were advised that if any pressures were to arise that the CEO of the EDC would come back to Council to discuss.  The Board were advised that the EDC was presently looking at further opportunities to maximise economic growth associated with the recently confirmed South Devon Link Road and on-going negotiations relating the future development of the Whiterock Business Park.
  

The Board asked whether the EDC provided any grants and grants in kind (reduction in fees etc) and if so what changes are proposed in these areas. The Board were advised that the EDC does not provide grants/grants in kind.
 

The Board questioned when additional income is generated within the EDC what the process is for recovering over target amounts into a central pot. The Board were advised that as the EDC is a separate ‘not for profit’ legal entity (although wholly owned by Torbay Council) and that any surplus would normally be reinvested in front line delivery. The Board were advised that EDC does receive a formal Contract Fee from Torbay Council for services provided and that this can be reduced if service delivery surpluses are made. The Board were advised that the EDC is likely to return £150,000 back to the Council this year.

The Board questioned whether there were any implementation costs associated with the proposals as there are none outlined in the budget papers. The Board were advised that there were none.

The Board questioned whether the proposal to close administrative offices over Christmas and New Year would  ...  view the full minutes text for item 474

To discuss the Revenue Budget 2012/13 Provisional Spending Targets for the Economic Development Company