Agenda item

Joint Report of the Treasurer to the Joint Committee / Corporate Director: Resources and the Corporate Director of Neighbourhood Services.

The Joint Committee considered a Joint Report of the Corporate Director Neighbourhood Services and Corporate Director Resources/Treasurer to the Joint Committee which set out details of income and expenditure in the period 1 April 2014 to 31 August 2014, together with the provisional outturn position for 2014/15, highlighting areas of over/underspend against revenue budgets at a service expenditure analysis level.  The report further detailed the funds and reserves of the Joint Committee at 1 April 2014 and forecast outturn position at 31 March 2015, taking into account the provisional financial outturn (for copy see file of minutes).

The Head of Finance (Financial Services) advised that the projected outturn was showing a surplus of £406,684 against a budgeted surplus of £450,887 (£44,203) less than the budgeted position.  A explanation of the reasons for the variances by subjective analysis were provided within the report.

The Head of Finance (Financial Services) also advised that a cheque for £13,000 had been received that day from CAMEO for Mercury Abatement rebates. This was an income stream which had not been included in the budget and therefore it was likely that this would raise an income of £12,000 per annum and would as a result partially offset the reduction in income reported.  This would be included in future reporting.

The report provided further detail regarding the reserves position of the Joint Committee.  It was noted that as a result of the reduction of income a transfer from the Major Capital Works Reserve to the General Reserve of £59,460 had been undertaken in line with the Reserves Policy.

The retained reserves of the Central Durham Crematorium Joint Committee at 31 March 2015 were forecast to be £921,610 along with a General Reserve of £444,000, giving a forecast total reserves and balances position of £1,365,610 at the year end.

Resolved:

That the content of the report be noted.