Issue - meetings

Revenue Budget Monitoring 2011/12 (Month 9)

Meeting: 27/03/2012 - Executive (Item 251)

251 Revenue Budget Monitoring 2011/12 (Month 9) pdf icon PDF 58 KB

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As recommendation.


The Leader and Executive Member for Finance & Asset Management introduced the report to provide Members with the revenue budget monitoring information at Month 9 for the Council Fund and the Housing Revenue Account (HRA) in 2011/12. 

                        Members were asked to note the projected year end position as estimated at Month 9 which was a net underspend of £0.921m on the Council Fund (detailed in the table on page 300) and a net underspend of £0.390m on the HRA.  The significant in-year projected variances to date were detailed in Appendices 2-6 for the Council Fund and Appendix 8 for the HRA.  The analysis undertaken on the Programme of Efficiencies indicated that it was currently projected that £7.699m (86%) would be achieved, resulting in a net under-achievement of £1.221m.  The risks and assumptions were reported in paragraph 3.08 and the carry forward requests were shown in paragraphs 3.10 to 3.15.  The Leader commented on the Unearmarked Reserves which had an estimated amount available of £0.434m in the contingency reserve which was £0.020m more than the £0.414m estimated when the 2012/13 Council Fund Revenue Budget was approved by County Council at the meeting on 1 March 2012. 

                        The overall projected underspend of £0.390m on the HRA represented an increase of £0.260m on the projected underspend position reported at Month 8.  The HRA showed a projected closing balance at Month 9 of £1.510m which at 6% of total expenditure satisfied the prudent approach of ensuring a minimum level of 3%.  The Chief Executive explained that as the projected closing balance was considerably higher than the recommended 3% minimum balance it was intended to spend a further £0.200m on repairs in the Repairs and Maintenance account.  This would be funded from balances over and above the projected closing balance for 2011/12 reflected in the HRA 2012/13 budget report as approved by Council on 21 February 2012.  The Executive Member for Housing said that this was excellent news for both the Housing Team and tenants.       


            (a)       That the overall report be noted;

(b)       That the carry forward requests included in the report (paragraphs 3.10 to 3.15) be approved;

(c)        That the Council Fund Contingency Sum available as at 31st March 2012 (Section 5) be noted;

(d)       That the additional allocation of £0.200m to the Repair and Maintenance account within the HRA account (para 6.04) be approved; and

(e)       That the projected final level of balances on the Housing Revenue Account (para 6.03) be noted.