Issue - meetings

Report of the Cabinet Member Finance

RESOLVED THAT

1.    the contents of this report be noted including the key projected variances to the original 2014/15 budget, and the projected delivery of services within budget.

2.    officers be authorised to take corrective action to ensure that the council delivers services within the overall budget for the year if, following the more detailed monitoring process currently being undertaken, a potential overspend is identified.

3.    a contribution from general balances of £20,000 be approved to fund additional Joint Core Strategy costs in 2014/15, as recommended in paragraph 2.4.

The Cabinet Member Finance introduced the report which updated Members on the Council’s current financial position for 2014/15. He explained that in terms of negative variations there was a shortfall in income for off street car parking by around £175.6k. This was due to the sale of North Place and Portland Street car parks. A reserve had been set-aside to counterbalance this and once development at North Place and Portland Street commenced the Council would be in receipt of a guaranteed £350k of replacement income per annum from the developer.

The Cabinet Member also reported the downturn in income at the cemetery and crematorium in comparison with the same period in the previous financial year. This had been compounded by loss of income arising from the essential maintenance in July which resulted in a two week shutdown of both cremators. It was anticipated that outturn would be 15 % short of target if the downward trend continued.

In terms of positive news the Cabinet Member reported that the net positive variance for business rates in 2014/15 was estimated at £294 k. He also informed members of a predicted surplus of interest of £70k on treasury management within the General Fund.

Finally, the Cabinet Member paid tribute to the hard work of officers in monitoring and managing the budget situation. He assured Cabinet that further work would be undertaken to bring in a balanced budget at the end of the financial year.

RESOLVED THAT

1.    the contents of this report be noted including the key projected variances to the original 2014/15 budget, and the projected delivery of services within budget.

2.    officers be authorised to take corrective action to ensure that the council delivers services within the overall budget for the year if, following the more detailed monitoring process currently being undertaken, a potential overspend is identified.

3.    a contribution from general balances of £20,000 be approved to fund additional Joint Core Strategy costs in 2014/15, as recommended in paragraph 2.4.