Agenda item

The Chairman introduced the Finance Manager – Neighbourhoods, Philip Curran 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 Neighbourhood Services.  Members were reminded that as of this Monday, the Regeneration and Economic Development (RED) and Neighbourhood Services directorate had been merged into a new Regeneration and Local Services directorate, although in terms of reporting Quarter 2 reports would be split between RED and Neighbourhoods Services, with reporting on the new directorate from Quarter 3. 

Members noted the service had reported an outturn position with a cash limit underspend of £0.860 million against a revised annual General Fund Revenue Budget of £107.819 million, in comparison to  Quarter 3 with a £1.290 million cash limit underspend.  Members noted the variances within the budget, with the detailed explanations as set out within the report. 

As regards the Capital Programme 2015/16, the Finance Manager explained that there had been a £3.182 million underspend, relatively small in terms of the overall budget of £40.903 million, and that some projects were implemented over a number of years and would carry forward into 2016/17.

The Chairman thanked the Finance Manager and with no questions asked him to move on to the Quarter 1, 2016/17 finance report.

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 Neighbourhood Services. 

Members noted the service was forecasting a cash limit underspend of £0.699 million against a revised General Fund Revenue Budget of £106.329 million.  Members noted the variances within the budget, with the detailed explanations as set out within the report, with Direct Services having an overall underspend of £0.423 million, a result of early achievement of MTFP savings.

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 and therefore there would not be any expected variances at this point, though any slippages or projects brought forward would be monitored and reported.

The Chairman thanked the Finance Manager and asked if there were any questions on the Quarter 1, 2016/17 finance report.

Councillor G Holland asked as regards the Culture and Sport budget, being outside of the cash limit. 

The Finance Manager explained that for 2015/16 there had been a £244,000 capital contribution in respect of the GALA theatre/cinema partner and that for 2016/17 there would be a small overspend of around £11,000.  Councillor G Holland asked whether those budgets included the reserves, and it was explained that they did.  Councillor G Holland asked where the remainder of the £588,000 was spent.  The Finance Manager noted that the deteriorating condition at the GALA had resulted in a draw down on reserves for the refurbishment, which then ends with a slight net overspend of £11,000.

Resolved:   

That the reports and presentation be noted.