Agenda item

As detailed in the recommendations.

The Leader and Cabinet Member for Finance provided Members with the most up to date revenue budget monitoring information (Month 10) for the Council Fund and the Housing Revenue Account (HRA) in 2012/13.

The Head of Finance explained that the projected in-year underspend at Month 10 on the Council Fund was £1.305m.  The projected net underspend on the HRA was £0.491m.  It was important to note however that the projection in the report did not take into account any additional costs associated with the extreme weather conditions at the end of March, the impact of which would be reported in future monitoring reports.

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 9 were detailed in Appendix 1.

Appendix 7 detailed movements to date on unearmarked reserves and the level of contingency sum available.  As a result of the movements the current projected level of contingency reserve at the end of March 2013 was £0.894m. 

On the Housing Revenue Account there was an overall projected underspend of £0.491m and a projected closing balance at Month 10 of £1.346m.

There was one request for a carry forward of underspend, details of which were in the report.

The Deputy Leader and Cabinet Member for Environment expressed his concern on the continuing monthly overspend on the Leisure budget and questioned whether the income projected by Alliance Leisure was attainable.  The Chief Executive said officers shared the concerns of Members and an emergency budget review meeting had been held the previous week with further meetings required.

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 final level of balances on the Housing Revenue Account be noted; and

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