Issue - meetings

The Corporate Finance Manager provided the latest revenue budget monitoring information for 2013/14 for the Council Fund and the Housing Revenue Account based on actual income and expenditure as at Month 12 based on the most up to date information available.

The projected year end position on the Council Fund as estimated at Month 12 was:

• Net in year expenditure forecast to be £3.152m less than budget (an increase of £0.937m on the £2.215m reported at Month 11)
• Projected contingency reserve balance at 31 March of £5.093m

On the HRA, the net in year expenditure forecast was £0.124m less than budget (£0.171m as at Month 11), with a projected closing balance at 31 March 2014 of £1.533m. 

The table in the report showed a projected positive variance of expenditure against budget of £3.152m, which was an increase of £0.937m on the projected underspend of £2.215m reported at Month 11.  The main reasons for the variances were detailed in the report.

            The original budget column reflected in-year virements which had been approved in compliance with Financial Procedure Rules.  All of the movements for Month 12 were summarised in appendix 1 to the report with detailed reasons for all variances by Directorate summarised in appendices 2 to 8.

            As reported at Month 11, a number of carry forward requests had been reviewed during the month and been identified as requiring carry forward into 2014/15.  Details of each request were contained in appendix 10.

            The 2013/14 budget contained £5.331m of specific efficiencies and the table in the report summarised the current position in relation to the achievement of those items.  The analysis showed that it was projected that £4.213 (79%) would be achieved resulting in a net underachievement of £1.118m.

            After bringing in the impact of the projected in year budget position the current projected level of the contingency reserve at the end of March 2014 was £5.093m.

            On the HRA, there was an overall  projected underspend of £0.124m and a projected closing balance at Month 12 of £1.533m, which at 5.36% of total expenditure satisfied the prudent approach of ensuring a minimum level of 3%.

RESOLVED:

(a)       That the report be noted;

(b)       That the projected Council Fund contingency sum as at 31 March 2014 be noted;

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

(d)       That the carry forward requests be approved.