Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager introduced the Revenue Budget Monitoring 2019/19 (Month 8) report which provide the latest revenue budget monitoring position for 2018/19 for the Council Fund and the Housing Revenue Account.  The report presented the position, based on actual income and expenditure, as at Month 8 of the financial year if all things remained unchanged.

The report included the impact of the grant funding announced by Welsh Government (WG) to support costs associated with Supporting Sustainable Social Services which equalled £0.611m. 

The Council had received confirmation of its allocation of the £7.5m announced to contribute to the Teacher Pay Award which would be passported in full to schools.

A capital grant of £1m for road refurbishment had been announced by WG – the options for dealing with that grant were currently being considered and any impact on revenue would be included in future reports.

The projected year end position, without new actions to reduce cost pressures and/or improve the financial return on efficiency planning and cost control was:

Council Fund

·         An operating surplus of £0.026m (£0.325m at Month 7); and

·         A projected contingency reserve balance as at 31^st March 2019 of £7.689m, which when taking into account the agreed contributions for the 2019/20 budget reduced to £5.789m

Housing Revenue Account

·         Net in-year revenue expenditure forecast to be £0.067m lower than budget; and

·         A projected closing balance as at 31^st March 2019 of £1.165m.

The report covered the Council Fund projected position; projected position by portfolio; Social Services; Out of County Placements; Streetscene and Transportation; tracking of in-year risks and emerging issues; achievement of planned in-year efficiencies; other tracked risks; independent inquiry into child sexual abuse; income; recycling income; schools – risks and impacts; other in-year issues; reserves and balances; and earmarked reserves.

There were no comments to report from the recent Corporate Resources Overview and Scrutiny Committee.  The Chief Executive confirmed that the information requested by that Committee at their meeting in December had since been provided.

RESOLVED:

            (a)       That the overall report and the projected Council Fund contingency sum   as at 31^st March 2019 be noted; and

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