Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager introduced the Revenue Budget Monitoring 2016/17 (Month 12) report which provided details on the final revenue budget position for 2016/17 for both the Council Fund and Housing Revenue Account.  The final outturn would be reported in July following the completion of the closure of the accounts for 2016/17. 

The projected year-end position was as follows:

                        Council Fund

·         The net in year position comprised of an operating deficit of £0.846m; an increase in the deficit of £0.131m from the position reported at Month 10.

·         The overall projected in-year position included £2.886m due to the change in accounting policy for Minimum Revenue Provision (MRP) as agreed by County Council.  This had the effect of eliminating the operating deficit and net spend was projected to be £2.050m lower than budget.

·         Projected contingency reserve balance of £5.144m.

Housing Revenue Account

·         Net in year expenditure forecast to be £0.047m greater than budget.

·         Projected closing balance as at 31^st March 2017 of £1.050m.

The report provided details on significant budget movements between original and revised budget, the programme of efficiencies, inflation, reserves and balances and requests for carry forward of funding.

The Chief Executive added that any unresolved risks from 2016/17 would be included in the report submitted to Cabinet in July.

Councillor Thomas commented on the inherited overspend on the budget for her portfolio and expressed concern on the ability to deliver basic services when carrying a deficit.  The Chief Executive explained that budget pressures would be maintained corporately and if any additional contributions to the budget were received, this would be for use corporately.  Councillor Shotton emphasised the level of austerity facing the Council and said that lobbying against that needed to continue. 

RESOLVED:

(a)       That the overall report and the projected Council Fund contingency sum as at 31^st March 2017 be noted;

(b)       That the projected final level of balances on the Housing Revenue Account be noted; and

(c)        That the carry forward requests be agreed.