Issue - meetings

As detailed in the recommendations.

Councillor Banks introduced the Revenue Budget Monitoring 2019/20 (Month 9) report which provided that latest detailed revenue budget monitoring position for 2019/20 for the Council Fund and the Housing Revenue Account for the financial year and presented the position, based on actual income and expenditure, as at Month 9.  The report projected how the budget out stand at the close of the financial year if all things remained unchanged.

            The Corporate Finance Manager explained that 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 deficit of £1.666M which was a favourable movement of £0.226M from the deficit figure of £1.892M reported at Month 8; and
• A projected contingency reserve balance as at 31^st March 2020 of £3.203M.

Housing Revenue Account

• Net in-year revenue expenditure forecast to be £0.103M higher than budget which was a positive movement of £0.028M from the deficit figure of £0.131M reported at Month 8; and
• A projected closing balance as at 31^st March 2020 of £1.220M.

The Corporate Finance Manager also provided details on the projected position by portfolio; tracking of in-year risks and emerging issues; achievement of planned in-year efficiencies; other in-year issues; MTFS impact and risks; and reserves and balances.

            The report had been presented to Corporate Resources Overview and Scrutiny Committee where Members had expressed concern on school deficit budgets.

RESOLVED:

(a)       That the overall report and the projected Council Fund contingency sum as at 31^st March 2020 be noted; and

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