Issue - meetings

Report of the Cabinet Member Finance

RESOLVED THAT

1.    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.

2.    the budget virements to the 2015/16 budget, as detailed in Appendix 6 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 December 2015. The report covered the Council’s revenue, capital and treasury management position. The report also identified any known significant variations (minimum 350,000) to the 2015/16 original budget and areas with volatile income trends.

The Cabinet Member Finance made the following points :

·         income levels from recycling continued to be lower than anticipated. This was due partly to significant fluctuations in the prices received for recyclates because of global events such as the drop in the price of crude oil and the slowdown in the Chinese economy.

·         the Joint Core Strategy examination process has become more lengthy and more expensive which has resulted in further budgetary provision being made available in the final budget for 2016/17. 

·         Off street car parking income was healthy. The Car Parking Equalisation Reserve remained intact and would provide a cushion for future fluctuations in car parking revenue.

·         The net effect on the general fund of the variances reported was a net underspend against the budget of £307,900 for 2015/16. It was proposed that a contribution of £307,900 be made to the Budget Strategy (Support) Reserve, based on the position at the end of December 2015 and Cabinet make this formal request for Council approval as part of the budget setting process for 2016/17 at its meeting on 12th February 2016.

Finally, the Cabinet Member Finance expressed his thanks to officers across the organisation for their hard work. There was a positive projection for budget outturn this financial year for which he was most grateful.

RESOLVED THAT

1.    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.

2.    the budget virements to the 2015/16 budget, as detailed in Appendix 6 be noted.