369 BUDGET MONITORING 2015/16 PDF 180 KB
Additional documents:
Minutes:
Report FSD16024
Members received a third budget monitoring report for 2015/16 based on general expenditure and activity levels to the end of December 2015.
A linked Part 2 report provided details of a charge of £344k related to a tax liability from previous years along with a recommendation for Council that a transfer of £2.8m be approved to a Business Rates Risk Reserve from underspends on services and central items in the current financial year.
The Director of Finance also highlighted that there would be a report on the Growth Fund for the Executive’s next meeting.
Paragraph 3.12.1 and recommendation (j) of Report FSD16024 asked Members to recommend to Council that £2.8m be set aside in an earmarked reserve (Business Rates Risk Reserve) to cover a potential payment of business rates. Following discussion of the matter in Part 2 proceedings of the meeting the recommendation was amended and is now reflected in the resolution at (9) below.
RESOLVED that:
(1) the latest financial position be noted along with a forecast net underspend of £4,373k on services;
(2) comments from the Education, Care and Health Services Department detailed at section 3.2 of Report FSD16024 be noted;
(3) reports elsewhere on the meeting agenda requested draw-down of a total £312k from Central Contingency, as well as a carry forward of £123k of underspend to 2016/17 as detailed at paragraphs 3.3.1 and 3.3.2 of Report FSD16024;
(4) as detailed at paragraph 3.3.3 of Report FSD16024, a total of £2,598k grant income had been drawn-down from Central Contingency;
(5) the Prior Year Adjustments totalling £1,006k, as detailed at section 3.5 of Report FSD16024, be noted;
(6) a projected increase to the General Fund balance of £185k, as detailed at section 3.6 of Report FSD16024, be noted;
(7) the full year effect of £3.9m underspend, as detailed at section 3.7 of Report FSD16024, be noted;
(8) Council be recommended to approve a transfer of £6m to the Growth Fund from underspend in Central Contingency and services as detailed at paragraph 3.11.3 of Report FSD16024;
(9) Council be recommended to agree that £3m be set aside in an earmarked reserve to provide a general provision to reflect the financial risks related to the Council’s share of business rate income.
(10) for use during 2016/17, a total of £461k be set aside from underspends in an earmarked reserve as detailed at section 3.13 of Report FSD16024.