Agenda item

As per the recommendations.

The Head of Finance presented the latest revenue budget monitoring information (Month 4) for the Council Fund and the Housing Revenue Account (HRA) 2012/13.

            Members were informed that the projected year end position as estimated at Month 4 was a net overspend of £1.028m on the Council Fund and a net underspend of £0.052m on the HRA.  The in-year over/ (under) spends as detailed in the report reflected a number of risks and assumptions.  Appendix 6 of the report detailed the movements to date on unearmarked reserves and the level of contingency sum available.  On the HRA, the projected outturn reflected an additional allocation of £0.250m from balances to fund additional CERA contribution towards funding of the HRA capital programme. 

            The Leader of the Council commented on the work being undertaken to address the projected overspend and the additional financial pressures that would be faced following the introduction of the welfare reforms as outlined within the risks and assumptions detailed within the report.

RESOLVED:

(a)       That the overall report and the management actions being taken to address the projected overspend be noted;

(b)       That the Council Fund contingency sum (overdrawn balance) as at 31 March, 2013 (paragraph 5.03) be noted; and

(c)        That the projected final level of balances on the Housing Revenue Account (paragraph 6.03) be noted.