Issue - meetings

Cabinet received an update on the budget performance for the first quarter of the current financial year. The key highlights were as follows:

There was projected overspend of £750k in the General Fund. Members noted that these were early days and all budgets would continue to be regularly monitored to ensure that the council’s expenditure remained within the agreed budget.

Members were advised that the Housing Revenue Account (HRA) was currently forecast to have a deficit of £471k in 2018-19. This represented a £185k increase against the budgeted deficit of £286k.

On the other hand the projection for the General Fund Capital Programme was that this would be fully spent at year end. However, Members were reminded to be cautious about this assumption given last year’s results (where it was found that a large slippage actually materialised at year end). A report at the half year mark would give a more realistic indicator of the performance of the capital programme.

With regards to the HRA Capital Programme; of the £20.834m budget allocated to HRA capital schemes, it was currently anticipated that £9.1m would be unspent at year end. This was mainly due to Phase 2 and 3 of the New Build Programme, which required re-profiling.

Councillor Campbell spoke under Council Procedure 20.1.

Councillor Gregory proposed, Councillor Ashbee seconded and Members agreed the following:

1.  To note the 2018-19 Quarter 1 forecast position for:

(i)  The General Fund;

(ii)  The Housing Revenue Account;

(iii)  The General Fund and Housing Revenue Account Capital Programmes;

2.  The updated General Fund and Housing Revenue Account capital programmes as set out in Annex 1 and 2 to the Cabinet report.