Issue - meetings

Revenue Budget Monitoring 2014/15 (Month 7)

Meeting: 20/01/2015 - Cabinet (Item 110)

110 Revenue Budget Monitoring 2014/15 (Month 7) pdf icon PDF 54 KB

Additional documents:


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 7 and projected forward to year-end based on the most up to date information available.


The projected year-end position, as estimated at Month 7 was:


Council Fund

·         Net in year expenditure forecast to be £0.821M lower than budget.  This included variances on pay

·         Projected contingency reserve balance at 31 March 2015 of £3.762


Housing Revenue Account

·         Net in year expenditure forecast to be £0.083M less than budget

·         Projected closing balance as at 31 March 2015 of £1.249M


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 7, the projected balance on the contingency reserve at 31 March 2015 was £3.762M, full details of which were contained in Appendix 4 to the report.


The position at Month 7 on the HRA was an overall projected underspend of £0.083M and a projected closing balance at Month 7 of £1.249M, which at 4.15% of total expenditure satisfied the prudent approach of ensuring a minimum level of 3%.  Appendix 5 to the report provided details of the reasons for significant variances.


The Deputy Leader and Cabinet Member for Environment asked for consistency with the headings used for the Revenue Budget reports which were submitted to both Cabinet and Corporate Resources Overview and Scrutiny Committee which was agreed. 




(a)       That the report be noted; and


(b)       That the projected Council Fund contingency sum as at 31 March 2015 be noted (note the projected final level of balances on the Housing Revenue Account).