Issue - meetings

Report of the Cabinet Member Finance

RESOLVED THAT

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

2.    The budget virements to the 2014/15 budget, as detailed in Appendix 4 be approved.

3.    Council be recommended to approve a one-off contribution from general balances of £178,250 as part of the budget setting process for 2015/16.

The Cabinet Member Finance introduced the report which updated Members on the Council’s current financial position for 2014/15 based on the monitoring exercise at the end of November 2014. The report covered the Council’s revenue, capital and treasury management position and identified any known significant variations (minimum £50 000) to the 2014/15 original budget and areas with volatile income trends.

The Cabinet Member Finance reported that it was expected that the overall position for the council would be within budget for 2014/15 despite a difficult year. He highlighted that due to the sale of North Place and Portland Street car parks, car parking income had been affected but the reduction was not as great as originally feared and thus there was no draw on the reserve. Longer term shortfalls would be offset by savings on NNDR. He also reported that there had been a downturn in income at the Cemetery and Crematorium in comparison with the same period in the previous financial year. He explained however that initial forecasts have improved and the estimated shortfall in income had been somewhat mitigated by improved performance in the last few months. The Cabinet Member Finance also highlighted that the £248 k use of reserves from the Business Rates Retention Scheme was listed as this could only be credited a year after it had been received.

In terms of savings the Cabinet Member Finance said that due to changes in the way that vehicles were financed there had been a one-off saving of £297.3k in leasing costs in 2014/15. An underspend from the provision of Ubico services was also anticipated. Overall he said that coming in under budget was an achievement in a difficult financial year.

The Leader highlighted to members that the third recommendation would be considered by Council as part of the budget setting process.

RESOLVED THAT

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

2.    The budget virements to the 2014/15 budget, as detailed in Appendix 4 be approved.

3.    Council be recommended to approve a one-off contribution from general balances of £178,250 as part of the budget setting process for 2015/16.