Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager introduced the Revenue Budget Monitoring 2017/18 (Month 7) 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 £1.262m greater than budget; and

·         Projected contingency reserve balance as at 31^st March 2018 of £3.820m.

Housing Revenue Account:

·         Net in year expenditure forecast to be  £0.03m higher than budget; and

·         Projected closing balance as at 31^st March 2018 of £1.081m.

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

On schools balances, Councillor Roberts explained that there were a number of Secondard Schools that had deficits, with robust actions plans to reduce them, which were offset by the Primary Schools.

The Corporate Finance Manager explained two particular comments had been made at the recent Corporate Resources Overview and Scrutiny Committee: (1) that the three areas of underspend in Social Services be reported to the Social and Health Care Overview and Scrutiny Committee; and (2) whether specific balances on revenue could be dealt with in the same way as capital reserves.  A report would be submitted to Corporate Resources Overview and Scrutiny Committee on the second request to explain the implications.

            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.