Issue - meetings

Second Quarter Budget Monitoring 2016/17

Meeting: 23/11/2016 - Policy and Resources Committee (Item 122)

122 Report of the Director of Finance and Business Improvement - Second Quarter Budget Monitoring 2016/17 pdf icon PDF 142 KB

Additional documents:

Decision:

That the Committee:

 

1)  Notes the revenue position at the end of the second quarter and the actions being taken or proposed to improve the position where significant variances have been identified, as set out in table 1, paragraph 2.8 of the report of the Director of Finance and Business Improvement;

2)  Agrees the proposed slippage in the capital programme of £1,417,894 into 2017/18 as detailed in paragraph 2.13 of the report of the Director of Finance and Business Improvement;

3)  Notes the performance of the collection fund and the estimated level of balances at the year end; and

4)  Notes the performance in relation to the treasury management strategy for the second quarter of 2016/17.

 

Minutes:

The Committee considered the report of the Director of Finance and Business Improvement which provided an overview of the capital and revenue budget and outturn for the second quarter of 2016/17.  It also highlighted variances within cost centres that exceeded or were expected to exceed £30,000.

 

It was noted that the main contributors to the overspend were temporary accommodation and development management.  Members were advised that measures to address the situation would be reported to the respective Service Committees. 

 

In addition, increased controls have been put in place in the following areas of spending which would be closely monitored by Corporate Leadership Team:-

1.  Recruitment

2.  Temporary Staff

3.  Discretionary spending; and

4.  Contractual commitments

In response to Members questions, the Director of Finance and Business Improvement advised:

 

·  The surplus from car parking income was ring fenced but could be used for improvements to the street scene.

·  The Council’s cash reserves were held in short term investments for ease of access.

·  The Council is not faced with the situation it had had in previous years where it would be waiting on a letter from Central Government on a financial settlement.  The current position gives a greater amount of certainty.

·  The Council would not want to take monies from its reserves as this would create a shortfall that may not be able to be replaced.

RESOLVED: That 

 

1)  The revenue position at the end of the second quarter be noted and the actions being taken or proposed to improve the position where significant variances have been identified, as set out in table 1, paragraph 2.8 of the report of the Director of Finance and Business Improvement;

2)  The proposed slippage in the capital programme of £1,417,894 into 2017/18 as detailed in paragraph 2.13 of the report of the Director of Finance and Business Improvement be agreed;

Voting:  For:  13  Against:  0  Abstentions:  0

3)  The performance of the collection fund and the estimated level of balances at the year end be noted; and

4)  The performance in relation to the treasury management strategy for the second quarter of 2016/17 be noted.