Agenda item

As detailed in the recommendations.

The Head of Finance provided the most up to date revenue budget monitoring information (Month 10) for the Council Fund and the Housing Revenue Account in 2013/14.

The projected year end position on the Council Fund, as estimated at Month 10 was:

·        Net in year expenditure forecast to be £2.151m less than budget (an increase of £0.170m on the £1.981m reported at Month 9)

·        Projected contingency reserve balance at 31 March 2014 of £4.792m

On the HRA, the net in year expenditure forecast was £0.089m less than budget (£0.155m as at Month 9).

The table in the report showed an increase of £0.170m on the underspend of £1.981m reported at Month 9.  The main items contributing to the £0.170m variance were the identification of efficiencies under the Corporate Administration review (£0.142m), improved trading and reduced costs in Leisure (£0.056m) offset by overall increased costs in Out of County placements of (£0.035m) made up of increased costs in Lifelong Learning of (£0.073m) and reduced costs in Children’s Services of (£0.038m).

The report also provided details of various requests to carry forward funding into 2014/15 for specific items, details of which were contained in the report.

Following a question from the Deputy Leader and Cabinet Member for Environment, the Head of Finance explained that whilst the report was based on actual income and expenditure as at Month 10, the report did provide the best projection to year end which would be explained in the opening paragraph of future reports.

RESOLVED:

(a)       That the report be noted;

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

(c)        That the final level of balances on the Housing Revenue Account be noted; and

(d)       That the carry forward requests be approved.