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 31 December 2015.

The General Fund showed a projected end of year spend of £5.7m against the approved budget of £151.4m, which represented an improvement of £0.4m on the position reported for the end of November.  The Cabinet Member advised that the overspend continued to be kept under constant review and he anticipated a further improvement in the position by the end of the financial year.

The Housing Revenue Account (HRA) continued to show a break-even position with a projected end of year reserve of £8.7m while expenditure on the Capital Programme was forecast to exceed the reprofiled budget of £134.7m by approximately £6.9m due, in the main, to the acceleration of several school expansion projects.

Cabinet resolved to:

(i)  Note the projected outturn position for 2015/16 of the Council’s General Fund revenue budget at 31 December 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 31 December 2015, as detailed in paragraph 2.11 and Appendix B of the report;

(iii)  Note the overall position for the HRA at 31 December 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 31 December 2015, as detailed in paragraph 2.13 and Appendix D of the report.