Agenda item

As detailed in the recommendations.

The Head of Finance provided the most up to date revenue budget monitoring information (Month 6) 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 6 was:

·         Net in year expenditure forecast to be £1.012m less than budget (a decrease of £0.062m on the £1.074m reported at Month 5)

·         Projected contingency reserve balance at 31 March 2014 of £3.653m

The projected year end position on the HRA, as estimated at Month 6 was:

·         Net in year expenditure forecast to under spend the budget by £0.062m (£0.014 m under spend reported at Month 5)

·         Projected HRA balances at 31 March 2014 of £1.495m

The report provided details on the projected positive variance of expenditure against budget of £1.012m, programme of efficiencies, inflation, monitoring budget assumptions and new risks, and unearmarked reserves.

On the HRA, for 2013/14 there was an overall projected under spend of £0.062m and a projected closing balance at Month 6 of £1.495m, which at 5.2% 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.