Agenda item

Revenue Budget Monitoring 2013/14 (Month 7)

Decision:

As detailed in the recommendations.

Minutes:

The Head of Finance provided the most up to date revenue budget monitoring information (Month 7) 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 7 was:

 

·        Net in year expenditure forecast to be £0.944m less than budget (a decrease of £0.068m on the £1.012m reported at Month 6)

·        Projected contingency reserve balance at 31 March 2014 of £3.585m

 

The projected year end position on the HRA, as estimated at Month 7 was:

 

·        Net in year expenditure forecast to under spend the budget by £0.117m (£0.062 m under spend reported at Month 6)

·        Projected HRA balances at 31 March 2014 of £1.551m

 

The report provided details on the projected positive variance of expenditure against budget of £0.944m, 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 £0.117m and a projected closing balance at Month 7 of £1.551m, which at 5.4% 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.

Supporting documents: