Issue - meetings

To consider the Council’s financial position for the period April to September 2014 (Outturn – 2014/15).

(Report attached)

Members considered the consolidated revenue and capital outturn position for the period April to September 2014.

Officers stated that whilst there was currently a shortfall of £212k in identified savings these would be achieved by vacancy management and other savings during the financial year.

Heads of Service and managers were continuing to look at where savings could be made and whilst carry forwards in budgets could be made available to Heads of Service under delegated authority, Heads of Service would be looking at where savings could be made to ensure that only necessary underspends were carried forward. 

The financial commentary detailed in the report in relation to the £740k asbestos underspend was noted, together with the proposed virements from the asbestos budget to address other overspends within the Capital Programme.  The £77k requested from Housing Revenue Account reserves to fund the demolition of Upper Norgrove House based on health and safety concerns was also noted.

RESOLVED that

1)           the current financial position on Revenue and Capital as detailed in the report be noted;

2)            the following virements for the Housing Revenue Account (HRA) Capital Programme be approved:

the Asbestos budget be reduced by £290K to fund the following Capital Schemes:

            £50K Kitchen Upgrades

            £200K to Rewiring

            £40K to Window Replacements; and

3)        £77K be released from the HRA reserves to fund the demolition of Upper Norgrove House.