Issue - meetings

Report of the Corporate Director (Resources, Environment and Cultural Services) presenting the revenue budget position as at 31 December 2018.

(1)     The revenue forecast outturn position as at Quarter 3 was noted.

(2)     Virements, as detailed in the report, were approved.

(3)     The position on debts, as set out in the report, was noted.

(4)     The Cabinet noted that 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) summarising the Council’s revenue budget monitoring position for the third quarter of the 2018/19 financial year.

The General Fund showed a predicted positive variance of approximately £500,000 for the year primarily due to better than budgeted returns from the Council’s commercial estate, including Weltech. The 2019/20 budget reflected this improved performance in the predictions for rental income. As agreed previously all the underspend this year would be used to contribute to the Budget Priority and Transformation reserve.

Performance indicated that General Fund savings targets set at the time of the 2018/19 budget were being achieved.

The Housing Revenue Account (HRA) showed a £635,000 predicted adverse variance against budget for the year. However, this was accounted for by a higher than budgeted revenue contribution to capital, which was simply a relationship between the timing of the contribution to the Affordable Housing Programme and new borrowing. The operational result for the HRA showed a small positive variance indicating again that savings targets for 2018/19 were being met.

RESOLVED:

(1)     That the revenue forecast outturn position as at Quarter 3 be noted.

(2)     That virements, as detailed in the report, be approved.

(3)     That the position on debts, as set out in the report, be noted.

(4)     That the Cabinet notes 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.