Issue - meetings

(a)       That the Revenue Budget Monitoring 2015/16 (Outturn) report be approved; and

(b)       That the Capital Programme 2015/16 (Outturn) report be approved.

The Corporate Finance Manager introduced the reports on the Revenue Budget and Capital Programme Monitoring 2015/16 as at Outturn, which had been submitted to the previous Cabinet meeting.

Revenue Budget Monitoring 2015/16 (Outturn)

The final position reported that the net in-year expenditure was £1.489m below budget, with a contingency reserve balance of £4.375m as at the end of March.  As a year-end adjustment, there had been a reduction in final costs for out of county placements and an increased return on interest and investment income, offset by reduced support service recharge income.  The report included a brief overview for the year and details of significant movements since Month 12.  An update was also provided on the programme of efficiencies, inflation and reserves.

On the Housing Revenue Account (HRA), the net in-year expenditure on was £59K higher than budget, with a closing balance of £1.178m representing 4.3% of total expenditure (above the minimum 3% recommended level).

Capital Programme 2015/16 (Outturn)

The report detailed changes to the programme during the last quarter of 2015/16 resulting in a decrease of £2.178m in the period.  There were currently £3.168m of resources available for funding future capital expenditure.  The changes since budget approval were set out, with the most significant being the Housing Revenue Account subsidy buy-out of £79K.  Changes during the last quarter had resulted in a net decrease to the programme of £1.452m.  A rollover of £1.874m during the last quarter brought the final rollover figure into 2016/17 to £6.192m.  An update was also given on the funding of 2015/16 approved schemes and on capital programmes for 2016/17 and future years.

RESOLVED:

(a)       That the Revenue Budget Monitoring 2015/16 (Outturn) report be approved; and

(b)       That the Capital Programme 2015/16 (Outturn) report be approved.