Issue - meetings

Report of the Corporate Director (Resources, Environment and Cultural Services) presenting the revenue budget position as at 30 September 2018.

(1)       The revenue forecast outturn position as at Quarter 2 was noted.

(2)       Virements were approved.

(3)       The Cabinet noted the position on debts.

(4)       The Cabinet noted the underspends in the current year would be contributed to the Budget Priority and Transformation Earmarked Reserve to support the Council to invest in services and drive efficiency improvements in future years.

Report of the Corporate Director (Resources, Environment and Cultural Services) presenting the revenue budget position as at 30 September 2018.

The forecast General Fund outturn was now a contribution to balances of £63,000 which was an improvement of £163,000 on the £100,000 drawdown predicted in the original budget.

The forecast Housing Revenue Account balance was now £3.465M which was £800,000 higher than forecast in the original budget, largely due to a higher than predicted opening balance as well as variances from Quarter 1.

Risks and opportunities to the General Fund at present showed a possible favourable impact for the year end, but at this stage it would be premature to adjust the forecast for all these items. Forecast rental income from the Council’s commercial portfolio had been increased and the information from this process was being built into the 2019/20 budget preparation.

RESOLVED:

(1)     That the revenue forecast outturn position as at Quarter 2 be noted.

(2)     That virements as detailed in section 3.3 of the report be approved.

(3)     That the position on debts set out in section 6 of the report be noted.

(4)     That the Cabinet notes that the underspends in the current year would be contributed to the Budget Priority and Transformation Earmarked Reserve to support the Council to invest in services and drive efficiency improvements in future years.