Issue - meetings
Revenue Budget Monitoring 2017/18 (MONTH 9)
Meeting: 20/02/2018 - Cabinet (Item 137)
As detailed in the recommendations.
The Corporate Finance Manager introduced the Revenue Budget Monitoring 2017/18 (Month 9) 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:
· Net in year expenditure forecast to be £0.908m greater than budget; and
· Projected contingency reserve balance as at 31st March 2018 of £4.174m.
Housing Revenue Account:
· Net in year expenditure forecast to be £0.035m greater than budget; and
· Projected contingency reserve balance as at 31st March 2018 of £1.081m.
The reasons for the projected variances were summarised in the appendix to the report with key significant portfolio variances explained in the report.
The report covered the latest in year forecast by portfolio; tracking of in year risks and emerging issues; inflation and reserved and balances. The earmarked reserved outlined in paragraph 1.23 of the report were prior to the review that had been carried out as reported on the budget item.
(a) That the overall report and the projected Council Fund contingency sum as at 31st March 2018 be noted; and
(b) That the projected final level of balances on the Housing Revenue Account (HRA) be noted.