Issue - meetings
Revenue Budget Monitoring 2018/19 (Interim)
Meeting: 17/07/2018 - Cabinet (Item 214)
As detailed in the recommendations.
The Finance Manager introduced the Revenue Budget Monitoring 2018/19 (Interim) report which was the first monitoring report of 2018/19. The report provided information on the progress of achieving planned efficiencies against the targets set and reported, by exception, on significant variances which could impact on the financial position in 2018/19.
The initial net impact of the emerging risks and variances, as detailed in the report, was that expenditure was projected to be £1.619m lower than budget. The figure included a one-off VAT rebate for £1.940m and an in-year underspend for Minimum Revenue Provision (MRP) for £1.400m. Taking those into account the projected outturn was £1.721m greater than the budget.
Month 4 would be reported to Cabinet on 25th September 2018 and would include further details. This report highlighted the high level risks affecting financial projections that would need to be closely monitored throughout the year.
The Chief Executive commented on Out of County Placements which was identified as a high risk of financial volatility and of the regional work that was being undertaken on that. He also commented on the successful collective lobbying that had taken place by the local government community on the loss of grant funding of the Minority Ethnic Achievement Grant (MEAG) which had resulted in an announcement from Welsh Government (WG) of £1.2m nationally to mitigate the impact of the withdrawal in 2018/19.
(a) That the report be noted; and
(b) That a contribution from the Contingency Reserve of £0.058m to offset the funding reduction for the Minority Ethnic Achievement Grant (MEAG) be approved.