Issue - meetings
Revenue Budget Monitoring 2014/15 (Month 5)
Meeting: 18/11/2014 - Cabinet (Item 80)
80 Revenue Budget Monitoring 2014/15 (Month 5) PDF 54 KB
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 Housing Revenue Account based on actual income and expenditure as at Month 5 and projected forward to year-end based on the most up to date information available.
The projected year end position, as estimated at Month 5 was:
· Net in year non pay expenditure forecast to be £0.608m lower than budget. This did not include any potential effect of variances on pay
· Projected contingency reserve balance at 31 March 2015 of £3.549m
Housing Revenue Account
· Net in year expenditure forecast to be £0.044m less than budget
· Projected closing balance as at 31 March 2015 of £1.210m
The table in the report showed projected in year non pay expenditure to be £0.608m less than budget. The reasons for all movements from Month 4 were detailed in the appendix 1 to the report with the projected variances occurring for the year to date summarised in appendix 2.
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 5, the projected balance on the contingency reserve at 31 March was £3.549m, full details of which were contained in appendix 4 to the report.
The position at Month 5 on the HRA was an overall projected underspend of £0.045m and a projected closing balance at Month 5 of £1.210m, which at 4% of total expenditure satisfied the prudent approach of ensuring a minimum level of 3%.
(a) That the report be noted;
(b) That the projected Council Fund contingency sum as at 31 March be noted; and
(c) That the projected final level of balances on the Housing Revenue Account be noted.