Issue - meetings

The Executive Director of Finance and Corporate Resources presented the Financial Monitoring Report for the period April to June 2019.

The figures provided for this quarter of the financial year indicated that there had been an underspend.  Essential spend only was being permitted, following the publication of the Section 24 Notice.  The Council had received some additional income already and new commercial opportunities to secure additional income were being explored.

The Committee was advised that at this stage in the financial year a detailed forecast in respect of the Council’s budget for the year end did not tend to be provided.  However, a forecast had been provided for the Housing Revenue Account (HRA).  In the following Financial Monitoring Report information would be provided about both overspending and underspending on budgets as well as an overarching forecast in respect of the Council’s budget.

The HRA was receiving the level of income that had been anticipated.  Whilst the budget for Repairs and Maintenance had been overspent in 2018/19 expenditure appeared to be on target in 2019/10.  Savings had also been achieved in relation to vacant management posts within the Housing Department.  There was a significant amount of capital expenditure scheduled to take place, however, £18 million of this related to updating the Council’s housing stock.

Further savings would be made from combining the Council’s insurance premiums with other local authorities in a group.  A review was being undertaken of the authority’s minimum revenue provision.  In addition, the Council’s assets were being reviewed and Officers were aiming to learn lessons from other Councils.

RESOLVED that

thecurrent financial position in relation to revenue and capital budgets for the period April – June 2019 be noted.