Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager provided the latest revenue budget monitoring position for 2015/16 for the Council Fund and Housing Revenue Account.  The position was based on actual income and expenditure as at Month 4 and projected forward to year end.  The projected year end position, as estimated at Month 4 was:

Council Fund

• Net in year expenditure forecast to be £0.425m higher than budget
• Projected contingency reserve balance at 31 March 2016 of £4.111m

Housing Revenue Account

• Net in year expenditure forecast to be £0.002m higher than budget
• Projected closing balance as at 31 March 2016 of £1.235m

Changes in the revised budget were mainly due to the transfer of budget from Social Services to Central and Corporate as a result of the one off efficiency reported in Month 3 in relation to the Independent Living Fund (ILF).

The report provided details on the programme of efficiencies, inflation, unearmarked reserves and earmarked reserves.

Councillor Kevin Jones said recycling was going through a volatile period with fluctuating re-cycle sale values which was likely to impact on 2015/16 recycling income levels for the Council.  This would be monitored throughout the year and he had also raised it with the Minister.

RESOLVED:

(a)       That the overall report and the projected Council Fund contingency sum as at 31 March 2016 be noted; and

(b)       That the projected final level of balances on the Housing Revenue Account be noted.