Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager provided information on the revenue outturn budget monitoring information for 2014/15 for the Council Fund and the Housing Revenue Account (HRA) based on actual income and expenditure (subject to audit).

            The year-end position on the Council Fund was a net in year expenditure of £1.804m lower than budget with a contingency reserve balance at 31 March 2015 of £4.745m.

            On the HRA the net in year expenditure was £0.345m less than budget with a closing balance as at 31 March 2015 of £1.510m.

The significant budget movement between month 12 to outturn was detailed in the report which mainly related to adjustments to the single status rebasing exercise, property maintenance reallocations and workforce efficiency accounting adjustments.

On the Council Fund, the report provided details on an overview of the year, the programme of efficiencies, carry forward requests, inflation and un-earmarked reserves.

On the HRA, the outturn position reported an overall underspend of £0.345m and a closing balance of £1.510m which at 5% of total expenditure satisfied the prudent approach of ensuring a minimum level of 3%.

RESOLVED:

(a)       That the report be noted;

(b)       That the Council Fund contingency sum as at 31 March 2015, subject to audit, be noted;

(c)        That the final level of balances on the Housing Revenue Account, subject to audit, be noted; and

(d)       That the carry forward requests detailed in section 4 of the report be approved.