Agenda item

As detailed in the recommendations.

The Head of Finance provided the most up to date revenue budget monitoring information (Month 5) 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 5 was:

·         Net in year expenditure forecast to be £1.074m less than the budget (a decrease of £0.173m on the £1.247m reported at Month 4)

·         Projected contingency reserve balance at 31 March 2014 of £3.715m

The projected year end position on the HRA, as estimated at Month 5 was:

·         Net in year expenditure forecast to under spend the budget by £0.014m (£0.260m overspend reported at Month 4)

The report provided details on the projected positive variation of expenditure against budget of £1.074m, programme of efficiencies, inflation and monitoring budget assumptions and new risks.

On unearmarked reserves, after taking account of an allocation of £0.518m for recovery costs following the March 2013 severe weather, and bringing in the impact of the projected in year budget position, the current projected level of contingency reserve at the end of March 2014 was an amount of £3.715m.

On the HRA, for 2013/14 there was an overall projected under spend of £0.014m and a projected closing balance at Month 5 of £1.448m, which at 5.1% of total expenditure satisfied the prudent approach of ensuring a minimum level of 3%.

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.