Issue - meetings

First Quarter Budget Monitoring

Meeting: 28/09/2016 - Policy and Resources Committee (Item 89)

89 Report of the Director of Finance and Business Improvement - First Quarter Budget Monitoring pdf icon PDF 124 KB

Additional documents:

Decision:

RESOLVED:

1)  That the revenue position at the end of the first 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 be noted;

2)  That the proposed slippage in the capital programme of £4,526,591 into 2017/18 as detailed in paragraph 2.13 of the report of the Director of Finance and Business Improvement be approved;

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

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

 

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 first quarter of 2016/17 and highlighted other financial matters which may have a material impact on the medium term financial strategy of the balance sheet.

 

The Director of Finance and Business Improvement drew Members’ attention to Page 33 of the report where there was a projected overspend of £500,000 on temporary accommodation but explained that this would be offset by an increase in car parking income to leave a net overspend of £250,000.

 

In response to questions from Members, the Director of Finance and Business Improvement explained:-

·  that the overall collection of business rates was not as good as anticipated.  However, there was a factor which had contributed to that shortfall as the billing for the business rates payable on properties owned by the council was later than usual and the amounts were not paid until after the end of the first quarter.

·  that two major capital schemes would slip into next year hence the underspend but there was a chain of procurement processes being progressed which would ensure that works start in the new year.

 

RESOLVED:

1)  That the revenue position at the end of the first 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 be noted;

2)  That the proposed slippage in the capital programme of £4,526,591 into 2017/18 as detailed in paragraph 2.13 of the report of the Director of Finance and Business Improvement be approved;

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

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

Voting:  For:  15  Against:  0  Abstentions:  0