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 the 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 5 was:

            Council Fund

·         Net in year expenditure forecast to be £0.595m higher than budget

·         Projected contingency reserve balance at 31 March 2016 of £3.941m

Housing Revenue Account

·         Net in year expenditure forecast to be £0.041m higher than budget

·         Projected closing balance at 31 March 2016 of £1.196m

There were no significant budget changes between portfolios in Month 5.  The overall overspend within Streetscene and Transportation had increased and was due in part to the delay in the implementation of a number of efficiencies as reported to the Programme Board.  In addition fluctuations in recycle sales due to a volatile market had led to an increased pressure on income projections which had resulted in a shortfall of £0.347m.  Full details of the movements were explained in the appendix to the report.

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

The Chief Executive added that the Corporate Resources Overview and Scrutiny Committee had requested further analysis on the variations in the Streetscene and Transportation portfolio.  A presentation would be delivered at the next meeting of that Committee.

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.