Issue - meetings

Report of the Corporate Director (Resources, Environment and Cultural Services) presenting the forecast revenue account position at Quarter 2 of 2019/20.

(1)     The revenue forecast outturn position as at Quarter 2 of 2019/20 was noted.

(2)     Virements were approved.

(3)     The position on debts was noted.

Report of the Corporate Director (Resources, Environment and Cultural Services) presenting the forecast revenue account position at Quarter 2 of 2019/20.

Within the General Fund the forecast net drawdown for reserves for 2019/20 remained at £145,000 as reported at the previous quarter.

Variances included a positive variance of £500,000 arising from the “budget reset” following the recent Peer Review.  Efficiency savings from this exercise had been built into both the current 2019/20 budget and the forthcoming 2020/21 budget.  The £500,000 2019/20 savings would be used at year end to fund a revenue contribution to capital which would allow much needed replenishment of General Fund capital reserves.

The other significant variance was an adverse cost impact of £240,000 relating to work on the Local Plan which had been funded by a transfer from earmarked reserves previously established for this purpose.

Within the Housing Revenue Account the forecast closing balance was now £2,621,000, an adverse movement of £169,000 compared to the previous quarter which was due to a higher than forecast revenue contribution to capital.  Such contributions minimised the Council’s future borrowing costs.

RESOLVED:

(1)   That the revenue forecast outturn position as at Quarter 2 of 2019/20 be noted.

(2)   That the virements, detailed in section 3.6 of the report be approved.

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