Issue - meetings

The Cabinet Member for Finance and Central Services introduced the report on the Council’s capital and revenue position for the 2015/16 financial year, as at 30 November 2015.

The General Fund showed a projected end of year spend of £157.5m against the approved budget of £151.4m, which represented an increased overspend of £0.3m on the reported position at 31 October.  The Cabinet Member commented on the reasons for the increased overspend position, a number of budget surpluses which were helping to mitigate the pressures and the improved forecast in respect of the General Fund reserve.

With regard to the Housing Revenue Account (HRA), the Cabinet Member referred to issues that were impacting on income and expenditure budgets and advised that rent collection rates were improving towards the target of 99.24%.  It was also noted that expenditure on the Capital Programme was forecast to exceed the reprofiled budget of £131.5m by approximately £3.5m due, in the main, to the acceleration of the Riverside Secondary Free School project.

Cabinet resolved to:

(i)  Note the projected outturn position for 2015/16 of the Council’s General Fund revenue budget at 30 November 2015, as detailed in paragraphs 2.1, 2.4 to 2.10 and Appendix A of the report;

(ii)  Note the progress against the agreed 2015/16 savings at 30 November 2015, as detailed in paragraph 2.11 and Appendix B of the report;

(iii)  Note the overall position for the HRA at 30 November 2015, as detailed in paragraph 2.12 and Appendix C of the report; and

(iv)  Note the projected outturn position for 2015/16 of the Council’s capital budget as at 30 November 2015, as detailed in paragraph 2.13 and Appendix D of the report.