Issue - meetings

Report of the Cabinet Member Finance

RESOLVED THAT

the contents of this report including the key projected variances to the 2018/19 budget and the expected delivery of services within budget be noted.

The Cabinet Member Finance introduced the report,  the purpose of which was to notify members of any known significant variations to budgets for 2018/19 and highlight any key issues. The table at 2.1 summarised the net revenue impact position of the variances identified at this stage in the financial year, of anything over 50K and areas with volatile income trends, the detailed reasons illustrated in paragraphs 2.2 to 3.1

The Cabinet Member reported that there were no variances to report in the Housing Revenue Account (HRA). HRA capital of the existing stock showed the current forecast for capital expenditure on existing stock was £7,666,000, a reduction of £396,000 in comparison to budget (£8,062,000). Within that figure there had been the following significant project variations:-

·         External Works (£143,000 reduction from budget of £543,000).

·         Windows & Doors (£121,000 reduction from budget of £2,425,000)

·         Door Entry Systems (£95,000 reduction from budget of £130,000)

In terms of the HRA capital on new builds or acquisitions as set out in 6.4 the Cabinet Member Finance drew members’ attention to the fact that good progress on development sites in both 2017/18 and the current year had reduced the pressure to identify potential acquisitions this year. It was proposed that any unspent budget would be rolled forward as required into 2019/20.

The monitoring report for the collection of council tax and business rates income was outlined  in Appendix 2. She wished to pay particular thanks to the Head of Revenues and Benefits and her team as a predicted collection rate of over 98% did  not happen without a lot of proactive hard work.

In conclusion the Cabinet Member stated that the net effect on the general fund of the variances reported was that the outturn position was expected to be delivered within budget.

The Cabinet Member Development and Safety referred to the projected £65k overspend for the High St Public Realm works but highlighted that this was a worse case scenario as due to delays by contractors some costs were likely to be recovered. He also made reference to the off street car parking income and that the overall position was likely to be £70k surplus above budget which would be a significant net contribution to balances.

RESOLVED THAT

the contents of this report including the key projected variances to the 2018/19 budget and the expected delivery of services within budget be noted.