Issue - meetings

Report of the Cabinet Member Finance

RESOLVED THAT

the contents of this report including the key projected variances to the 2015/16 budget and the expected delivery of services within budget be noted.

The Cabinet Member Finance introduced the report which updated Members on the Council’s current financial position for 2015/16 based on the monitoring exercise at the end of September 2015. The report covered the Council’s revenue, capital and treasury management position. The report identified any known significant variations (minimum £50 000) to the 2015/16 original budget and areas with volatile income trends.

The Cabinet Member Finance reported that the total projected under spend for the year amounted to £66 600. He believed this showed strength in budget management and this was a good outcome for the council. In terms of variances he reported that recycling income had reduced due to the drop in the price of crude oil and the slowdown in the Chinese economy. Some costs had been offset by cost efficiencies made by Ubico. The Cabinet Member reported that car parking income was in a healthy income position. A more detailed monitoring would take place over the next few weeks in the run up to the budget next year.

The Cabinet Member Finance was grateful to all officers across the authority who had contributed to the budget position but in particular wished to thank the Finance Team for their dedicated and skilful leadership in budget management.

RESOLVED THAT

the contents of this report including the key projected variances to the 2015/16 budget and the expected delivery of services within budget be noted.