Issue - meetings

That the Committee notes the revenue Budget Monitoring 2017/18 Month 11 report and confirms that on this occasion there are no issues which it wishes to bring to the Cabinet’s attention.

The Finance Manager introduced a report to provide the Revenue Budget Monitoring report for 2017/18 as at Month 11.  She advised that the Revenue Budget Monitoring report would be presented to Cabinet on 24 April 2018 and a copy was appended to the report.

The Finance Manager explained that the monthly report provided the current revenue budget monitoring position for 2017/18 for the Council Fund and Housing Revenue Account.  The report presented the position based on actual income and expenditure, as at Month 11 of the financial year and  projected how the budget would stand at the close of the financial year if there were no significant unforeseen events. 

The Finance Manager reported on the main projected year end position for the Council Fund and the Housing Revenue Account as detailed in the report   She also reported on the main considerations on the Month 11 position and referred to the overall position of the Council Fund, the latest in-year forecast, winter maintenance, inflation, reserves and balances, and requests for carry forward of funding. 

The Finance Manager advised that for the Council Fund the overall projected in-year position now included £1.422m due to the change in accounting policy for Minimum Revenue Provision (MRP) charges as agreed by County Council on 1 March.  This had the effect of eliminating the operating deficit with net spend projected to be £1.531m less than budget.  The Projected Contingency Reserve balance as at 31 March was £8.353m although this reduced to £5.948m when taking account of agreed contributions for the 2018/19 budget.  The Finance Manager reported that for the Housing Revenue Account the net in-year expenditure was forecast to be £0.035m higher than budget and the projected closing balance as at 31 March 2018 was £1.081m.

The Chair commented on the WG announcement on late underspend and asked if the WLGA was to apply to the WG for an additional allocation for winter maintenance services from the underspend.

RESOLVED:

That the Committee notes the revenue Budget Monitoring 2017/18 Month 11 report and confirms that on this occasion there are no issues which it wishes to bring to the Cabinet’s attention.