Cabinet was advised that the General Fund projected an overspend of £680k compared to £750k at Quarter 1. The reasons for the variations were outlined in Section 2 of the Cabinet report. The services projecting an overspend were striving to minimise or eliminate the overspend before the end of the year.
Housing Revenue Account was currently forecast to have a deficit of £107k in 2018-19. This represented a £185k decrease against the planned deficit of £292k.
The latest projection for the General Fund Capital Programme was that spend in 2018-19 would reduce by £3.8m and the revised Capital Programme of £13.5m was all planned to be spent without significant variation.
With regards to the HRA Capital Programme, of the £20.9m of budget allocated to HRA capital schemes, it was currently anticipated that £13.5m would be unspent at year end. This was mainly due to re-profiling of Thanet’s schemes.
Councillor Gregory proposed, Councillor Savage seconded and Cabinet agreed the following:
1. To note the 2018-19 Quarter 2 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 Annex 2 to the Cabinet report.