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 considered at the recent Corporate Resources Overview and Scrutiny Committee meeting.  The position was based on actual income and expenditure as at Month 7 and projected to the year-end.  The projected year-end position, as estimated at Month 7 was as follows:

                        Council Fund

·         Net in year expenditure forecast to be £0.387m lower than budget

·         Projected contingency reserve balance at 31 March 2016 of £4.923m

Housing Revenue Account

·         Net in year expenditure forecast to be £0.149mm lower than budget

·         Projected closing balance as at 31 March 2016 of £1.386m

There was a significant budget change between the Social Services and Streetscene and Transportation portfolios in Month 7 as the transport budget of £0.656m had been transferred from Social Services to Streetscene and Transportation which reflected current reporting structures.

Another significant budget virement was the movement of £0.367m between Education and Youth and Central and Corporate Finance which related to local Government Borrowing Initiative (LGBI) funding for 21^st Century Schools which had been included in the Education and Youth portfolio but was now reflected within Central and Corporate Finance.

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

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

·         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 projected final level of balances on the Housing Revenue Account be noted;

(c)        That a contribution from the contingency reserve of £0.800m to meet the estimated increase in levy required to meet past and future claim liabilities in relation to the former Municipal Mutual Insurance company be agreed; and

(d)       That a contribution from the contingency reserve of £0.100m to meet the resource requirements for specialist social work for child protection be agreed.