Issue - meetings

Report of the Executive Director (Resources, Environment and Cultural Services) presenting the forecast revenue outturn position for the financial year 2017/18 and outlining the main variances from the original budget for both the General Fund and Housing Revenue Account.

Report of the Executive Director (Resources, Environment and Cultural Services) presenting the forecast revenue outturn position for the financial year 2017/18 and outlining the main variances from the original budget for both the General Fund and Housing Revenue Account.

(1)        The Decision Taken

RESOLVED:

(1)     That the Cabinet approves the changes to the forecast outturn position as at Quarter 3 of the 2017/18 financial year and agrees that they be included in the current  budget, which in turn would be used as the basis of comparison to the forecast outturn in future periods.

(2)     That the position on debts be noted.

(2)        Reasons for the Decision

The forecast contribution to General Fund reserves was now £470,000 against £272,000 at quarter 2.  A number of the “opportunities” highlighted at quarter 2 had firmed up and the forecast had been adjusted accordingly.

The favourable variances had also enabled the transfer of £500,000 to earmarked reserves. As well as increasing the pension reserve, this enabled the setup of a budget priority and transformation reserve which would help to absorb the Lombardy Poplar tree work without having to draw down on the 2018/19 corporate projects budget before the 2018/19 financial year had even started.

The forecast contribution to Housing Revenue Account reserves was now £4.8M, an improvement of £393,000 from quarter 2.

(Note:  There were no declarations of interest by a Member(s) in respect of the matter decided).