Issue - meetings
Revenue Budget Monitoring 2019/20 (Month 10)
Meeting: 17/03/2020 - Cabinet (Item 162)
- Enc. 1 - Council Fund: Movement in variances, item 162 PDF 199 KB
- Enc. 2 - Budget variances, item 162 PDF 245 KB
- Enc. 3 - Programme of efficiencies, item 162 PDF 47 KB
- Enc. 4 - Council Fund: Movement on un-earmarked reserves, item 162 PDF 409 KB
- Enc. 5 - HRA variances, item 162 PDF 191 KB
As detailed in the recommendations.
Councillor Banks introduced the report on the revenue budget monitoring position for the Council Fund and Housing Revenue Account (HRA) as at Month 10. This reflected the budget position at the close of the financial year if all things remained unchanged. No issues had been raised on the report by the Corporate Resources Overview & Scrutiny Committee.
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 £1.625m which is a favourable movement of £0.041m from the deficit figure of £1.666m reported at Month 9; and
· A projected contingency reserve balance as at 31 March 2020 of £3.244m.
Housing Revenue Account
· Net in-year revenue expenditure forecast to be £0.062m lower than budget which was a positive movement of £0.165m from the deficit figure of £0.103m reported at Month 9; and
· A projected closing balance as at 31 March 2020 of £1.385m.
The measures introduced to mitigate the overall projected overspend position had made a positive impact and this work would continue with specific areas under tactical review as detailed in the report. The potential for late grant awards from Welsh Government (WG) could also improve the year?end outturn.
On the significant variances, confirmation was awaited on the Council’s allocation of Additional Winter Pressures grant funding to be distributed through the Regional Partnership Board.
On Reserves and Balances, the projected year-end balance on Contingency Reserves was £3.244m.
There was one request for carry-forward of funding on the Hwb In-Schools Infrastructure grant scheme which needed to be claimed before the end of the financial year. The allocation of this funding to support school ICT networks would be allocated against existing spend in-year, and approval sought for the resulting underspend to be carried forward to the next financial year to fund the implementation stage.
The Chief Executive said that no significant change was expected to the end of year position and that delayed expenditure arising from addressing flooding issues was a possibility. No additional emergency spend was expected in response to the Coronavirus outbreak, however officers were working on contingency budgets for 2020/21. Any information on national funding to support services and lost income would be shared when available.
(a) That the overall report and the projected Council Fund contingency sum as at 31st March 2020 be noted;
(b) That the projected final level of balances on the Housing Revenue Account (HRA) be noted; and
(c) That the carry forward request included in paragraph 1.22 be approved.