Agenda item

As detailed in the recommendations.

The Head of Finance presented the latest revenue budget monitoring information (Month 8) for the Council Fund and the Housing Revenue Account (HRA) for 2013/14.

                        The Head of Finance reported that the projected year end position, as estimated at Month 8, on the Council Fund was a net in year expenditure forecast to be £1.068m less than budget and a projected contingency reserve balance at 31 March 2014 of £3.709m.  The projected year end position on the HRA was a net in year expenditure forecast to be £0.212m less than budget and projected balances at 31 March 2014 of £1.646m.      

            The Head of Finance referred to the underspend on the Council Fund, and drew attention to the key variances to note which were detailed in the report, and the programme of efficiencies and requests for carry forward.  Commenting on the HRA and the projected underspend of £0.212m and projected closing balance, the Head of Finance reported that details of the reasons for significant variances occurring to date and the actions planned to address them were appended to the report.

RESOLVED:

(a)       That the overall report be noted;

(b)       That the projected Council Fund contingency sum as at 31 March 2014 (paragraph 6.02) be noted;

(c)        That the carry forwards detailed in paragraphs 3.10 – 3.12 be approved; and

(d)       That the projected final level of balances on the Housing  Revenue Account (paragraph 7.03) be noted.