Agenda item

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

The Chairman introduced the Finance Manager, Resources, Azhar Rafiq who was in attendance to speak to Members in relation to Revenue and Capital Outturn 2013/14 and Quarter 1: Forecast of Revenue and Capital Outturn 2014/15 highlighting major variances in comparison with the budget (for copy see file of minutes).

The Finance Manager reminded members of the areas reported upon, the General Fund Revenue Account, the Housing Revenue Account and the Capital Programme for the RED Service Grouping. Members noted that in relation to the budget outturn position for 2013/14 the Regeneration and Economic Development Service Grouping was £0.249 million over budget against the revised annual budget of £41.352 million. The overspend had been forecasted at quarter 3 when the committee had been informed of an overspend of £0.273m.

The Housing Revenue Account overall was in line with budget with income £165k lower however this was matched by reduced expenditure of £165k.

In relation to the Capital Programme the final budget for 2013/14 was £86.991 million with an actual spend for the year of £80.423 million, a variance of £6.568 million under budget which was attributable to £2.447 million general fund and £4.121 million Housing Revenue Account programme.

Concerning Quarter 1 revenue and capital outturn members noted that the revenue account was £0.424 million under budget against a revised annual budget of £43.015 million.

In relation to the Housing Revenue Account this was projected to be on track with no major variances.

The Capital Programme current budget was £94.589 million with actual spend to the end of Quarter 1 of £14.734 million however managers are reporting that the remaining budget is on track to be spent by the end of the year.

The Chairman thanked the Finance Manager and asked members for their questions on the finance report.

A question was raised by a co-optee as to the occupancy rates on the permanent Gypsy and Roma Traveller sites within the County. It was highlighted that this question would be answered by the appropriate officer under agenda item 9 (Gypsy, Roma and Traveller Site Management Service).

In relation to Quarter 1 budget Councillor Crute requested more information in relation to ‘voids’ and ‘right to buys’.  The Finance Manager confirmed that he would provide a breakdown of the figures prior to the next meeting of the committee.

Resolved:

That the contents of the reports be noted.