Issue - meetings
Revenue Budget Monitoring 2018/19 (month 7)
Meeting: 18/12/2018 - Cabinet (Item 283)
As detailed in the recommendations.
The Corporate Finance Manager introduced the Revenue Budget Monitoring 2018/19 (Month 7) report which provided the latest revenue budget monitoring position for 2018/19 for the Council Fund and the Housing Revenue Account. The report presented the position, based on actual income and expenditure, as at Month 7 of the financial year if all things remained unchanged.
The projected year end position, without new actions to reduce cost pressures and/or improve the financial return on efficiency planning and cost control was:
· An operating deficit of £0.325m (£0.222m at Month 6)
· A projected contingency reserve balance as at 31st March 2019 of £7.347m which reduced to £5.447m when taking into account agreed contributions for the 2019/20 budget
Housing Revenue Account
· Net in-year revenue expenditure forecast to be £0.067m lower than budget; and
· A projected closing balance as at 31st March 2019 of £1.165m.
The report covered the Council Fund projected position; projected position by portfolio; out of county placements; disability services – health contributions; employers contribution to the Pension Fund; tracking of in-year risks and emerging issues; achievement of planned in-year efficiencies; other tracked risks; independent inquiry into child sexual abuse; income; recycling income; schools – risks and impacts; other in-year issues; reserves and balances and earmarked reserves.
Other than the information detailed in minute number 274 (information on Out of County Placements and Streetscene as two areas of continued overspend year on year), there were no further comments from Corporate Resources Overview and Scrutiny Committee to report.
(a) That the overall report and the projected Council Fund contingency sum as at 31st March 2019 be noted; and
(b) That the projected final level of balances on the Housing Revenue Account be noted.