Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager introduced the Revenue Budget Monitoring 2015/16 (Month 6) report which provided the latest revenue budget monitoring position for 2016/17 for the Council Fund and Housing Revenue Account based on actual income and expenditure.  The report projected how the budget would stand at the close of the financial year if all things remained equal.

            The projected year end position, without mitigation to reduce cost pressures and improve the yield on efficiency planning, was:

Council Fund

·         Net in year expenditure forecast to be £1.553m higher than budget

·         Projected contingency reserve balance of £1.652m

The overall projected in year position was an increase of £0.132m on the position reported in October 2016.  The Council was continuing negotiations with Welsh Government (WG) on an additional transport grant and there was a realistic expectation that a proportion of the additional in year cost would be recovered which would reduce the in year underlying forecast overspend.

Housing Revenue Account

·         Net in year expenditure forecast to be £0.037m higher than budget

·         Projected closing balance as at 31^st March 2017 of £1.061m

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

RESOLVED:

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

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