Issue - meetings

To note the latest budget forecasts for the General Fund, Capital Expenditure and Housing Revenue Account.

RESOLVED:

That the latest forecasts for the General Fund, Capital and Housing Revenue Account budgets, as set out in paragraphs 3.2, 4.1 and 5.1 respectively of Report Item 12 to the Cabinet, be noted.

Members were updated on the current performance of the General Fund, Capital and Housing Revenue Account budgets, based on performance to the end of October 2018.

The Cabinet was pleased to note that additional savings and income generation totalling £351,000; new budget requirements and income shortfall of £50,000; together with the rephasing of £240,000 expenditure from future years resulted in an updated General Fund budget of £16.707 million, compared to the original budget of £17.243 million.  Further details were set out in Table 1 and Sections 3.4 and 3.5 of Report Item 12 to the Cabinet.

The Capital programme, having been increased in the report to Cabinet in August, had now been reduced to £25.130 million as a result of the rephasing of £2.855 million to future years, as set out in Table 2 and paragraph 4.2 of the report.  Much of the variation arose from the likelihood that there would be no significant expenditure on the Hardley depot within the current financial year.

The changes to the Housing Revenue Account largely reflected the variation of £815,000 to the Capital budget which was funded by the Housing Revenue Account.

RESOLVED:

That the latest forecasts for the General Fund, Capital and Housing Revenue Account budgets, as set out in paragraphs 3.2, 4.1 and 5.1 respectively of Report Item 12 to the Cabinet, be noted.