Issue - meetings

The Executive Director of Finance and Corporate Resources presented the financial monitoring update for the first quarter of 2018/19.  In preparing the report Officers had attempted to link figures to strategic purposes.  The figures recorded for Enabling Services listed a shortfall of £169,000.  This related to the unidentified savings that had been built into the Medium Term Financial Plan (MTFP) for the year.

The Budget Scrutiny Working Group had an important role to play in monitoring the authority’s financial position and would be informed about any variances over £25,000.  Further monitoring update reports would also be reported to the Executive Committee and officers would aim to provide assurance that the Council would deliver the unidentified savings.

The Housing Revenue Account (HRA) was listed as having a surplus of £171,000.  However, there were a number of areas where expenditure would be required from the HRA and therefore this continued to be in a financially challenging position. 

Heads of Service were in the process of reviewing reserves listed in the budget.  Where these were found to no longer be required they would be drawn down into balances.

Members noted that the Council needed to achieve £1.6 in savings over the course of the MTFP’s four-year plan.  Difficult decisions would be required to ensure that the authority’s budget continued to be balanced moving forward.

RECOMMENDED that

1)        Council approve an increase in the 2018-19 Capital Programme of £10k, to be funded from reserves, towards the existing capital scheme for the new Haven online booking system; and

2)        Council approve an increase in the 2018-19 Capital Programme of £25k s106 monies for various public realm improvements in the vicinity of Elvington Close, Matchborough.