Issue - meetings

To be advised of the Council’s financial performance to February 2016.

RESOLVED:

That the revised outturn forecasts for the General Fund (para 3.2 of Report Item 4 to the Cabinet), Capital Programme (para 4.1 of Report Item 4 to the Cabinet) and Housing Revenue Account (para 5.1 of Report Item 4 to the Cabinet) be noted.

The Cabinet considered the Council’s financial performance for the 11 month period to February 2016.

With respect to the general fund, further savings amounting to £960,000 had been achieved, while projects to the value of £1.991 million would be rephased to future years.  Details of the key variations were set out in Section 3 of the report.

With respect to the capital programme, the vehicle and plant replacement programme had been delayed; while works to the North Milton Estate had been delayed by bad weather, resulting in £950,000 expenditure being rephased.  The Housing Acquisitions and Development budget had been increased by a further £1.3 million to allow the purchase of additional properties and to take account of increases in property prices.  The net effect was to increase the capital expenditure programme to £18.580 million.

An increased operational surplus against the Housing Revenue Account had also been identified, largely as a result of improvements to the vacant property turnaround times generating an additional £203,000 against the dwellings income budget.  The projected annual surplus was now £1.549 million.

RESOLVED:

That the revised outturn forecasts for the General Fund (para 3.2 of Report Item 4 to the Cabinet), Capital Programme (para 4.1 of Report Item 4 to the Cabinet) and Housing Revenue Account (para 5.1 of Report Item 4 to the Cabinet) be noted.