Issue - meetings
Revenue Budget Monitoring 2014/15 (Month 10)
Meeting: 21/04/2015 - Cabinet (Item 160)
As detailed in the recommendations.
The Leader and Cabinet Member for Finance introduced the report which provided Members with the latest revenue budget monitoring information for 2014/15 for the Council Fund and Housing Revenue Account (HRA) based on actual income and expenditure as at month 10 and projected forward to year-end based on the most up to date information available.
The report had been considered at Corporate Resources Overview and Scrutiny Committee the previous week, with the following comments being noted:
- The levels of spending on overtime and agency staff within Streetscene resulting in a projected overspend of £86k
- The cost implications of the decision not to progress the John Summers High School project
- Areas where it would appear that projected income had been over-stated.
- Areas where potential losses had been over-stated
- For the recycling income, there was a potential under-achievement due to market volatility - assurance needed that the most beneficial contracts were being sought and secured
- The Committee strongly supported the actions taken with regard to the Euticals site and for pursuing any cost recovery from the parent company
The year-end position, as estimated at month 10 was:
· Net in year expenditure forecast to be £1.716m lower than budget
· Projected contingency reserve balance at 31 March 2015 of £4.657m
Housing Revenue Account
· Net in year expenditure forecast to be £0.354m less than budget
· Projected closing balance as at 31 March 2015 of £1.519m
The Corporate Finance Manager explained that, taking into account the unearmarked reserves and the current projected outturn at month 10, the projected balance on the contingency reserve at 31 March 2015 was £4.657m.
On the HRA, the position at month 10 was an overall projected underspend of £0.354m and a projected closing balance at month 10 of £1.519m, which at 5.06% of total expenditure satisfied the prudent approach of ensuring a minimum level of 3%.
Details of the requests for carry forward were outlined in the report.
(a) That the report be noted;
(b) That the projected Council Fund contingency sum as at 31 March 2015 be noted;
(c) That the projected final level of balances on the Housing Revenue Account be noted; and
(d) That the carry forward requests be approved.