Issue - meetings

As detailed in the recommendations.

Councillor Banks introduced the report which provided the latest detailed revenue budget monitoring position for the Council Fund and Housing Revenue Account for the financial year, and presented the position, based on actual income and expenditure, as at Month 7.  The report projected how the budget would stand at the close of the financial year if all things remained unchanged.  It also took into account the latest position on Welsh Government Emergency Grant Funding announcements.

            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 £0.196m (excluding the impact of the pay award which would be met by reserves), which was a favourable movement of £0.373m from the deficit figure reported at Month 6
• A projected contingency reserve balance as at 31^st March 2021 of £1.415m

Housing Revenue Account

• Net in-year expenditure forecast to be £0.460m lower than budget
• A projected closing balance as at 31^st March of £2.633m.

The Corporate Finance Manager provided details on the projected position, the projected position by portfolio, significant movements from Month 6, open risks, new emerging risks, achievement of planned in-year efficiencies and reserves and balances.

The Chief Executive said this was a positive position to be in at this stage. 

Members complimented the finance team for all of their work. 

            RESOLVED:

            (a)       That the overall report and the projected Council Fund contingency sum as at

31^st March 2021 be noted; and

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