Issue - meetings
Revenue Budget Monitoring 2018/19 (month 11)
Meeting: 16/04/2019 - Cabinet (Item 343)
As detailed in the recommendations.
The Corporate Finance Manager introduced the Revenue Budget Monitoring 2018/19 (Month 11) 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 11 of the financial year if all things remained unchanged. The report was presented to Corporate Resources Overview and Scrutiny Committee on 11th April.
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 surplus of £0.931m (£0.743m at Month 10); and
· A projected contingency reserve balance as at 31st March 2019 of £8.715m, which, when taking into account the agreed contributions for the 2019/20 budget, reduced to £6.494m.
The next report to Cabinet would advise on the outturn position and was not anticipated to significantly change between now and year-end unless there was a late change to demand led services.
The improvement in the projected outturn would have a positive impact on the projected availability of reserves at year end. This would help to safeguard the Council against the known risks in 2019/20. The advice on the amount of reserves which could have been drawn down would have remained unchanged at the stage of setting the annual budget even with the improved position.
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; position projected by portfolio; social services; tracking of in-year risks and emerging issues; achievement of planned in-year efficiencies; other in-year issues; reserves and balances; earmarked reserves and requests for carry forward of funding.
(a) That the overall report and the projected Council Fund contingency sum as at 31st March be noted;
(b) That the projected final level of balances on the Housing Revenue Account be noted;
(c) That allocations from the contingency reserve for investment in change and to operate a Sustainable Drainage System (SuDS) Approving Body (SAB) be approved; and
(d) That the carry forward request outlined in the report be approved.