Issue - meetings
Revenue Budget Monitoring 2014/15 (Month 4)
Meeting: 16/10/2014 - Cabinet (Item 67)
As detailed in the recommendations.
The Corporate Finance Manager provided Members with the latest revenue budget monitoring information for 2014/15 for the Council Fund and the Housing Revenue Account (HRA) based on actual income and expenditure as at Month 4 and projected forward to year-end based on the most up to date information available.
The projected year end position, as estimated at Month 4 was:
· Net in year non pay expenditure forecast to be £0.019m lower than budget. This did not include any potential effect of variances on pay
· Projected contingency reserve balance at 31 March 2015 of £2.960
Housing Revenue Account
· Net in year expenditure forecast to be £0.038m less than budget
· Projected closing balance as at 31 March 2015 of £1.203m
The report provided details on corporate and functional efficiencies, workforce efficiencies, inflation and monitoring budget assumptions and risks.
On unearmarked reserves and the current projected outturn at Month 4, the projected balance on the contingency reserve at 31 March 2015 was £2.960m, full details of which were contained in appendix 4 to the report.
The position at Month 4 on the HRA was an overall projected underspend of £0.038m and a projected closing balance at Month 4 of £1.203m, which at 4% of total expenditure satisfied the prudent approach of ensuring a minimum level of 3%.
The Leader and Cabinet Member for Finance highlighted the former Euticals site which was identified as a risk in the report and expressed the importance of financial assistance being made available by Welsh Government (WG). The Chief Officer (Governance) said the Chief Executive continued to request financial assistance from Welsh Government (WG) to which the Leader responded that political intervention could take place if WG continued to not respond.
(a) That the report be noted;
(b) That the projected Council Fund contingency sum as at 31 March 2015 be noted; and
(c) That the projected final level of balances on the Housing Revenue Account be noted.