Agenda item

As detailed in the recommendations.  

The Head of Finance introduced a report to provide Members with the most up to date revenue budget monitoring information (Month 7) for the Council Fund and the Housing Revenue Account (HRA) in 2012/13 which had been reported to Corporate Resources Overview & Scrutiny Committee on 17 January 2013.

                        It was reported that the projected year end position, as estimated at Month 7, was a net overspend of £0.516m on the Council Fund and a net underspend of £0.401m on the HRA.  The in year over/(under) spends as detailed in the report reflected a number of risk and assumptions and four requests for carry forward were also reported.  The Head of Finance said that it was the intention of Management to contain the currently projected variation within the overall agreed Council budget for the year. 

                        The Head of Finance reminded Cabinet Members that the Overview & Scrutiny budget meetings were to be held before the end of January 2013 as part of the consultation on the budget for 2013/14.  

            RESOLVED:

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

(ii)        That the Council Fund contingency sum as at 31 March 2013 (paragraph 5.02) be noted;

(iii)       That the carry forward requests included in the report (paragraphs 3.06 to 3.09) be approved; and

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