Agenda item

As detailed in the recommendations.

The Leader and Cabinet Member for Finance introduced the most up to date revenue budget monitoring information (Month 9) for the Council Fund and the Housing Revenue Account in 2012/13.

The Corporate Finance Manager explained that the projected in-year underspend at Month 9 on the Council Fund was £0.856m.

The significant in-year projected variances to date were detailed in the appendices to the report, including reasons for the variances and the actions required to address each variance.  The significant changes for the Council Fund from Month 8 were detailed in Appendix 1.

Appendix 7 detailed the movements to date on unearmarked reserves and the level of contingency sum available.  As a result of the movements the current projected level of the contingency reserve at the end of March 2013 was £0.445m.

On the Housing Revenue Account there was an overall projected underspend of £0.471m and a projected closing balance at Month 9 of £1.326m.

There were two requests for the carry forward of underspends, details of which were in the report.

RESOLVED:

(a)       That the report be noted;

(b)       That the Council Fund contingency sum as at 31 March 2013 be noted;

(c)        That the projected level of balances on the Housing Revenue Account be noted; and

(d)       That the requests for carry forward of underspends to 2013/14 be approved.