Issue - meetings

Revenue Budget Monitoring 2018/19 (month 9)

Meeting: 19/02/2019 - Cabinet (Item 315)

315 Revenue Budget Monitoring 2018/19 (month 9) pdf icon PDF 147 KB

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As detailed in the recommendations.


            The Corporate Finance Manager introduced the Capital Programme 2018/19 (Month 9) report which provided the latest revenue budget monitoring position for 2018/19 for the Council Fund and Housing Revenue Account.  The report presented the position, based on actual income and expenditure, as at Month 9 of the financial year.


            The report projected how the budget would stand at the close of the financial year without any changes to the projected expenditure and income levels.  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:


Council Fund


·         An operating surplus of £0.233m (£0.026m at Month 8); and

·         A projected contingency reserve balance as at 31st March 2019 of £7.885m which, when taking into account the agreed contributions for the 2019/20 budget, reduced to £5.985m.


Housing Revenue Account


·         Net in-year revenue expenditure forecast to be £0.026m lower than budget; and

·         A projected closing balance as at 31st March 2019 of £1.165m.


The Chief Executive commented on the tight financial management of the budget which resulted in the projected operating surplus of £0.233m, which was a reduction from the previous month.


The report covered the Council Fund projected position; projected position by portfolio; tracking of in-year risks and emerging issues; out of county placements; 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.




(a)       That the overall report and the projected Council Fund contingency sum as at 31st March be noted; and


(b)       That the projected final level of balances on the Housing Revenue Account be noted.