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 and reported that no specific issues had been raised when reported to the Corporate Resources Overview & Scrutiny Committee.  The position was based on actual income and expenditure as at Month 6 and projected to the year-end.  The projected year end position, as estimated at Month 6 was as follows:

Council Fund

·         Net in year expenditure forecast to be £0.291m higher than budget

·         Projected contingency reserve balance at 31 March 2016 of £4.245m

Housing Revenue Account

·         Net in year expenditure forecast to be £0.147m lower than budget

·         Projected closing balance as at 31 March 2016 of £1.384m

There were no significant budget changes between portfolios in Month 6.  The overall overspend within Streetscene & Transportation had decreased from a projected £1.108m at Month 5 to £1.042m.  The projected overspend 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 had led to an increased pressure on income projections which had resulted in a shortfall of £0.397m, full details of which were outlined in the appendix to the report.

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

The report also outlined details on a number of risk areas:

·         Municipal Mutual Insurance (MMI)

·         Recycling

·         Car Parking

·         Out of County Placements

·         Former Euticals Site

·         In Year Reductions in Specific Government Grants

RESOLVED:

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

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