Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager introduced the Revenue Budget Monitoring 2015/16 (Month 11) report which provided details on 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 11 and projected to the year-end.  The projected year-end position was as follows:

                        Council Fund

·         Net in year expenditure forecast to be £1.574m lower than budget

·         Projected contingency reserve balance at 31 March 2016 of £5.210m

Housing Revenue Account

·         Net in year expenditure forecast to be £0.093m lower than budget

·         Projected closing balance as at 31 March 2016 of £1.330m

The previous allocation for investment in organisational change was now fully committed therefore it was recommended that £0.750 was set aside to meet future investment costs for future organisational change.  If approved this would reduce the balance on the contingency reserve to £4.460m.

The report provided details on the programme of efficiencies, inflation, un-earmaked reserves and earmarked reserves.

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

·         Municipal Mutual Insurance (MMI)

·         Recycling

·         Out of County Placements

Various requests to carry forward funding into 2016/17 had been made, details of which were contained in appendix 3 to the report.

RESOLVED:

(a)       That the overall report and the projected Council Fund Contingency Sum as at 31^st March 2016 be noted;

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

(c)        That the carry forward requests be agreed.