Issue - meetings

That the Committee notes the Revenue Budget Monitoring 2017/18 (Month 5) report and confirms that there are no issues to be brought to the attention of the Cabinet.

The Finance Manager introduced a report on the revenue budget monitoring position for 2017/18 as at Month 5 for the Council Fund and Housing Revenue Account (HRA) prior to consideration by Cabinet.

On the Council Fund, the net in-year position was forecast to be £1.348m higher than budget, which was a slight increase from Month 4.  Projected variances were summarised for each portfolio and the monitoring of in-year risks included assessment of new emerging risks to determine the impact on 2018/19.  It was estimated that 92% of planned efficiencies would be achieved and a balance of £3.734m of contingency reserves held by year end.

On the HRA, in-year spend was projected to be £0.026m lower than budget, leaving a year end balance of £1.090m which was above the recommended minimum level.

In response to a query from Councillor Richard Jones, the Chief Executive provided explanation on recurring funding from the Intermediate Care Fund (ICF) which was a new issue for the budget due to late confirmation.  As part of Stage 2 of the 2018/19 budget process, Members’ support would be sought to request that this funding be ring-fenced.

RESOLVED:

That the Committee notes the Revenue Budget Monitoring 2017/18 (Month 5) report and confirms that there are no issues to be brought to the attention of the Cabinet.