Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager introduced the report on Revenue Budget Monitoring 2016/17 (Month 5) which provided the latest revenue budget monitoring position for 2016/17 for the Council Fund and the Housing Revenue Account.

                        The report had been considered at Corporate Resources Overview and Scrutiny Committee the previous week where no specific issues had been raised.

                        The Corporate Finance Manager explained that the final year end position was:

            Council Fund

·         Net in year expenditure forecast to be £1.421m higher than budget

·         Projected contingency reserve balance of £1.884m

The underlying forecast overspend would be reduced to £0.981m with the successful negotiation of an additional Welsh Government transport grant of £0.440m.  The position in Month 5 was an additional deficit from Month 4.

Housing Revenue Account

·         Net in year expenditure forecast to be £0.003m lower than budget

·         Projected closing balance as at 31^st March 2017 of £1.1098m.

The report covered significant budget movements; programme of efficiencies; inflation; reserves and balances; and an overview of the Housing Revenue Account.

There was an increased need for specialist social work capacity for child protection support working in partnership with statutory agencies at a current projected cost of £0.100m which was recommended to be met from the contingency reserve.

On the achievement of planned in-year efficiencies, 91% should be achieved which equated to approximately £9.6m.

RESOLVED:

(a)       That the overall report and projected Council Fund contingency sum as at 31^st March 2017 be noted;

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

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