Issue - meetings

Report of the Cabinet Member Finance

RESOLVED THAT

1.    the contents of this report including the key projected variances to the 2016/17 budget and the expected delivery of services within budget be noted.

2.    the reduction in the use of the Car Parking Equalisation Reserve, approved in accordance with B11.4 of Financial Rules where the Section 151 Officer has delegated authority to approve in year transfers to and from earmarked reserves to support the activities of the council be noted.

The Cabinet Member Finance introduced the report and explained that the purpose of the budget monitoring report was to notify members of any known significant variations and to highlight key issues. She was pleased to report that there were no significant issues but wished to highlight the following :

Net revenue- Ubico was incurring additional costs of £50 k due to a number of reasons, one of which was a growth in property numbers. The service redesign in 2017 would include a forecast of increased property numbers and this was laid down in paragraphs 2.11 and 2.12 of the report.

Car Parking income was overachieving its target by £200 k although some achievement targets were under by £39k.

Investment property and treasury management have both done well overall and the projected underspend for the year was £106 500.

The Cabinet Member Finance said that an area of careful monitoring was the REST programme. The £124k from staff savings that was agreed for virement to support this has become more pressured and will be further reviewed in December.

The Cabinet Member Finance said that the next monitoring report would be presented to Cabinet in January 2017. She highlighted the concerns which remained regarding the impact of Government funding cuts and the undecided arrangements with regard to business rates and the future of new homes bonus.

Members noted the report and highlighted the importance of receiving three monthly reports back to Cabinet and that in the interim Members should be alerted to any problems under the relevant budget headings.

RESOLVED THAT

1.    the contents of this report including the key projected variances to the 2016/17 budget and the expected delivery of services within budget be noted.

2.    the reduction in the use of the Car Parking Equalisation Reserve, approved in accordance with B11.4 of Financial Rules where the Section 151 Officer has delegated authority to approve in year transfers to and from earmarked reserves to support the activities of the council be noted.