Issue - meetings

Revenue Budget Monitoring 2014/15 (Month 9)

Meeting: 17/03/2015 - Cabinet (Item 142)

142 Revenue Budget Monitoring 2014/15 (Month 9) pdf icon PDF 85 KB

Additional documents:


As detailed in the recommendations.


The Leader and Cabinet Member for Finance introduced 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 9 and projected forward to year-end based on the most up to date information available.


The Corporate Finance Manager explained that the year-end position, as estimated at Month 9 was:


Council Fund

·         Net in year expenditure forecast to be £1.978m lower than budget

·         Projected contingency reserve balance at 31 March of £4.919m

Housing Revenue Account

·         Net in year expenditure forecast to be £0.304m less than budget

·         Projected closing balance as at 31 March 2015 of £1.470m


The table in the report showed the projected position by portfolio which reflected the Council’s new Operating Model, and showed a projected in year expenditure to be £1.978m less than budget.


The report provided details on the significant budget movement between Month 8 and Month 9, corporate and functional efficiencies, workforce efficiencies, inflation, monitoring budget assumptions and risks and changes to previously reported risks.


On un-earmarked reserves and current projected outturn, the projected balance on the contingency reserve at 31 March 2015 was £4.919m, full details of which were contained in Appendix 4 to the report.


The position at Month 9 on the Housing Revenue Account (HRA) was an overall projected underspend of £0.304m and a projected closing balance of £1.470m, which at 4.89% 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.




(a)       That the report be noted;


(b)       That the projected Council Fund contingency sum as at 31 March 2015 be noted; and


(c)        Note the projected final level of balances on the Housing Revenue Account.