Issue - meetings

Report of the Cabinet Member for Resources, detailing Corporate Revenue Financial Monitoring for the period to the end of the September 2013, attached.  

On consideration of the report of the Cabinet Member for Resources, Cabinet agreed to:  

(i)  Note the current General Fund revenue position for 2013/14 as at Month 6 (September), which is a forecast under spend at year end of £1,214,300 against the budget approved by Council on 13 February 2013, as outlined in paragraph 4.  This can be compared against the reported under spend at Month 3 of £151,300 which is an improvement of almost £1.1M.

(ii)  Note that the baseline forecast over spend for portfolios is just under £6.1M.

(iii)  Note that portfolios plan to take remedial action to manage a number of the corporate and key issues highlighted in this report and that the financial impact is reflected in the forecast position.

(iv)  Note that further remedial action has been taken to rigorously control staff resource costs and to put in place a moratorium on all non essential expenditure for the remainder of the financial year.

(v)  Note that the Risk Fund includes £5.7M to cover service related risks, (following the allocation of £94,400 to portfolios), and that the estimated draw at Month 6 is £5.0M to cover expenditure which is included within the baseline forecast portfolio over spend of £6.1M.  The portfolio position after the draw from the Risk Fund is an over spend of £1.1M.

(vi)  Note that it has been assumed that the remaining contingency, which stands at £410,700, will be fully utilised by the end of 2013/14.  The remaining contingency at Month 3 was t £110,700 and an additional £300,000 was added to this as set out in the recommendations contained within the General Fund Revenue Outturn 2012/13 report which was approved by Council in July.

(vii)  Note the forecast level of balances, which will not fall below the revised minimum level of £5.5M in the medium term based on the current forecast.

(viii)  Note the performance to date with regard to the delivery of the agreed savings proposals approved for 2013/14 as detailed in Appendix 10.

(ix)  Note the performance against the financial health indicators detailed in Appendix 11.

(x)  Note the performance outlined in the Quarterly Treasury Management Report attached as Appendix 12.

(xi)  Note the current HRA budget monitoring position for 2013/14, as at Month 6 (September). There is a forecast over spend at year end of £384,500 against the budget approved by Council on 13 February 2013, as outlined in paragraph 40.  This can be compared against the reported over spend at Month 3 of £289,600 which is a change of £94,900.