Agenda item

Joint Report of the Corporate Director of Regeneration and Economic Development and the Interim Corporate Director – Resources – Finance Manager, Resources.

The Chairman introduced the Finance Manager, Resources, Azhar Rafiq to speak to Members in relation to the Quarter 4, 2015/16 and Quarter 1, 2016/17 Revenue and Capital Outturn (for copy see file of minutes).

The Finance Manager noted for the Quarter 4 2015/16 Revenue and Capital Outturn the areas that were reported upon were the General Fund Revenue Account and the Capital Programme for the RED Service. 

Members noted the service had reporting a outturn position with a cash limit underspend of £1.816 million against a revised annual General Fund Revenue Budget of £27.391 million, in comparison to the Quarter 3 estimated this represented a variance of £0.295 million.  Members noted the variances within the budget, with the detailed explanations as set out within the report.  The Committee were informed that the service grouping delivered the Medium Term Financial Plan (MTFP) savings for 2015/16 of £1.3 million.

The Committee were reminded that subsequent to the transfer of housing stock, a separate ring-fenced HRA was no longer required, although it was noted that there had been some residual transactions reflecting a short period of activity in 2015/16.

As regards the Capital Programme 2015/16, the Finance Manager explained that the actual spend to date had been 93% of budget, and that some projects were implemented over a number of years and a breakdown of the major capital projects was given at Appendix 2 to the report.  It was added that as usual for the outturn report; the Finance Manager had included a further narrative in terms of the major RED capital schemes at Appendix 3 for Members’ information.

The Chairman thanked the Finance Manager, noting the breakdown and narrative of capital schemes was always useful and interesting, and asked Members for their questions on the Outturn 2015/16 finance report.

Councillor A Patterson asked as regards the figure of £742,000 in terms of office accommodation.  The Finance Manager noted this had been raised at a previous Committee and the Overview and Scrutiny Officer explained that a breakdown had been circulated to Members for information and could be forwarded accordingly.

The Chairman asked the Finance Manager to speak in relation to Quarter 1, 2016/17.

The Finance Manager noted for the Quarter 1 2016/17 Forecast of Revenue and Capital Outturn the areas that were reported upon were the General Fund Revenue Account and the Capital Programme for the RED Service. 

Members noted the service was reporting a cash limit underspend of £0.299 million against a revised General Fund Revenue Budget of £26.113 million.  Members noted the variances within the budget, with the detailed explanations as set out within the report.  The Committee were informed that the service grouping was on track to deliver the Medium Term Financial Plan (MTFP) savings for 2016/17 of £1.118 million.

As regards the Capital Programme 2016/17, the Finance Manager reminded Members that the usual spend profile was such that there was greater spend at the year end, with a breakdown of the major capital projects being given at Appendix 2 to the report.

The Chairman thanked the Finance Manager and noted Members would watch with interest in terms of income from assets.

Resolved:   

That the reports be noted.