Issue - meetings
Revenue Budget Monitoring 2014/15 (Month 12)
Meeting: 16/06/2015 - Cabinet (Item 22)
As detailed in the recommendations.
The Leader and Cabinet Member for Finance 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 12. The final outturn for 2014/15 would be presented to Cabinet in July.
The projected year end position, as estimated at Month 12, was:
- Net in year expenditure forecast to be £2.059m lower than budget; and
- Projected contingency reserve balance at 31 March 2015 of £5.00m
Housing Revenue Account
- Net in year expenditure forecast to be £0.069m more than budget; and
- Projected closing balance as at 31 March 2015 of £1.906m
The reasons for all movements from Month 10 were summarised in Appendix 1 to the report with the projected variances occurring for the year to date summarised in Appendix 2.
A number of carry forward requests had been identified and were detailed in Appendix 6, all of which were recommended for approval.
The report provided details on the significant budget movement between Month 10 to Month 12, corporate and functional efficiencies, workforce efficiencies, carry forward requests, inflation, monitoring budget assumptions and risks and unearmarked reserves.
Also detailed in the report was the cost for the closure plan for the orphaned site at Sandycroft. The Council was in a position to scope the full cost for the closure of risks and it was confirmed that within the total projected cost of £1.7m the in year liability falling on the Council for closure of risk was £0.800m. This had been included in the closing outturn position.
The position at Month 12 on the Housing Revenue Account (HRA) was an overall projected overspend of £0.069m and a projected closing balance at Month 12 of £1.096m, which at 3.65% of total expenditure satisfied the prudent approach of ensuring a minimum level of 3%.
The Leader and Cabinet Member for Finance, following a comment at Corporate Resources Overview and Scrutiny Committee the previous week, provided clarification that there was no additional funding available this year from the underspend the previous year as the efficiencies were not recurring. The Chief Executive added that the reserve would be used for any in year pressures.
(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 requested detailed in Appendix 6 be approved.