Issue - meetings

To receive an update on the 2017/18 budget, adjusted for any initial budget changes required (on a Portfolio and Committee basis), and including the addition of the rephased budgets from 2016/17.

RESOLVED:

That the latest budget forecasts for the General Fund, Capital and Housing Revenue Account, as set out in paragraphs 3.2, 4.1 and 5.1 of Report Item 6 to the Cabinet be noted.

RECOMMENDED:

That the new budget requirement of £80,000 for the replacement of the boilers at Lymington Town Hall, as set out in paragraph 3.4 to Report Item 6 to the Cabinet, be approved.

The Cabinet was updated on performance on the Council’s budgets to July 2017.

A number of changes had been identified with respect to the General Fund with savings and additional income of £499,000, offset by new requirements of £567,000, of which £150,000 would be funded from an earmarked reserve.  Rephasings from 2016/17 into the current year, to the value of £1.146 million, would also be funded from earmarked reserves.  The General Fund budget, as a consequence, had reduced to £16.505 million.  Further details of the changes were set out in section 3 of the report.  This included a new budget requirement that had not been previously identified, for the replacement of the boilers at Lymington Town Hall.

Capital expenditure had increased to £23.002 million to reflect net budget reductions and the rephasing of schemes from 2016/17, with further details set out in section 4 of the report.

No adjustments had been identified on the Housing Revenue Account budget, which continued to be managed on a break-even basis.

RESOLVED:

That the latest budget forecasts for the General Fund, Capital Programme and Housing Revenue Account, as set out in paragraphs 3.2, 4.1 and 5.1 of Report Item 6 to the Cabinet be noted.

RECOMMENDED:

That the new budget requirement of £80,000 for the replacement of the boilers at Lymington Town Hall, as set out in paragraph 3.4 to Report Item 6 to the Cabinet, be approved.