Issue - meetings

(Finance – Cllr.J Philip) - This report presents the first Quarter’s monitoring report for the 4th Qualis trading year 2022/23 and covers the period from 30 September 2022 to 31 December 2023 (C-048-2022/23).

The Cabinet discussed the report and agreed any actions required.

The Finance Portfolio Holder, Councillor Philip introduced the Qualis quarter 1 (year 4) monitoring report, noting that there was no significant change from the end of their last year.

This report presented the first Quarter’s monitoring report for the 4th Qualis trading year 2022/23 and covers the period from 30 September 2022 to 31 December 2023. 

Performance was measured against the business plan targets for 2022/23 contained within the Qualis 1 year Business Plan.  Qualis had changed the style of their Board report highlighting financial performance issues within each section. 

The unexpected and significant shift in economic factors occurring over the past 12 months continues to have a huge impact on the finances of the Council and this is also replicated on the plans of Qualis.   Not all elements of the Qualis business model were impacted to the same extent. The trading companies of Qualis Group and Qualis Management were meeting or exceeding expectations, whilst the development and commercial arms continue to suffer as a result of current economic conditions.  The greatest impacts were due to their dependency on borrowing, construction cost inflation, planning and movement in housing prices. These were addressed in the single year Business Plan recently presented to the Council, covering the period 1st October 2022 to 30th September 2023, but due to the still evolving operating environment Qualis were revisiting the budget forecasts for presentation to the Council for Q2 reporting.  

Decision:

The Cabinet discussed the report and agreed any actions required.