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 85 KB
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:
· 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.