Issue - meetings

As detailed in the recommendations.

The Corporate Finance Manager introduced the Revenue Budget Monitoring 2017/18 (Month 8) 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 £0.846m greater than budget; and

·         Projected contingency reserve balance as at 31^st March 2018 of £4.236m.

Housing Revenue Account:

·         Net in year expenditure forecast to be  £0.035m higher than budget; and

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

The most significant projected variances were the underspend on the Council Tax Reduction Scheme (CTRS) and the positive variance on the Council Tax collection fund.

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

The Corporate Finance Manager explained that at the recent Corporate Resources Overview and Scrutiny Committee comments were made on the in-year overspend on Out of County Placements however Members were satisfied with the response from officers that a review of that area was to be undertaken. 

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.