Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager introduced the Revenue Budget Monitoring 2017/18 (Month 5) report which provided the current revenue budget monitoring position for 2017/18 for the Council Fund and the Housing Revenue Account.  The report presented the position, based on actual income and expenditure and 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 £1.348m more than budget; and

·         Projected contingency reserve balance as at 31^st March 2018 of £3.734m.

Housing Revenue Account

·         Net in year expenditure forecast to be £0.026m higher than budget; and

·         Projected closing balance as at 31^st March 2018 of £1.090m.

The report covered the latest in-year forecast by portfolio; tracking of in year risks and emerging issues; inflation; and reserves and balances.

The Chief Executive explained that taking into account the current projected overspend at Month 5, and previously agreed allocations, the balance on the Contingency Reserve was projected to be £3.734m.  He reminded Members that reserves could only ever be used once.

There were no comments from the meeting of Corporate Resources Overview and Scrutiny Committee the previous week that needed to be raised at Cabinet.

RESOLVED:

(a)       That the overall report and the projected Council Fund contingency sum as at 31^st March 2018 be noted; and

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