Agenda item

As detailed in the recommendations.

The Head of Finance provided the most up to date revenue budget monitoring information (Month 4) for the Council Fund and the Housing Revenue Account (HRA) in 2013/14. 

The projected year end position on the Council Fund, as estimated at Month 4 was:

·        Net in year expenditure forecast to be £1.247m less than the budget (a decrease of £0.818m on the £2.065m reported at Month 3)

·        Projected contingency reserve balance at 31 March 2014 of £3.888m

The projected year end position on the HRA, as estimated at Month 4, was:

·        Net in year expenditure forecast to overspend the budget by £0.260m (£0.043m overspend reported at Month 3)

·        Projected HRA balances at 31 March 2014 of £1.174m

The Month 3 budget monitoring report had indicated that as part of the commitment to strengthen financial management and formal reporting, the presentation of significant variances would be revised to tie in clearly with the table detailed in paragraph 3.01 of the report.

The report provided details on the programme of efficiencies, the financial risk arising from the Council’s role with the the former chemical plant (Euticals Ltd), inflation, assumptions and new risks and unearmarked reserves.

The Chief Executive stressed the importance of achieving the planned efficiencies for 2013/14, full details of which were included in appendix 9 to the report.  On the former chemical plant, Euticals, a meeting had taken place the previous day with partners on the clearance of the site and talks were ongoing with the Welsh Government (WG) on the request for financial support.

RESOLVED:

(a)       That the report be noted;

(b)       That the projected Council Fund contingency sum as at 31 March 2014 be noted; and

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