Agenda item

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

The Head of Finance - Financial Services, Paul Darby referred Members to Financial Monitoring Report, as set out in the usual format, for the period to 31 December 2014 and with projected outturn to 31 March 2015 (for copy see file of minutes).

The Joint Committee noted that the income and expenditure were broadly in line with the budget, though as mentioned in the previous report the reduced number of cremations had impacted upon income.  It was explained that the reasons for the major variances were set out in detail in the report, and Councillors were reminded of the decision to use reserves to be able to quickly progress the Crematorium improvement works in year. 

Members noted a projected total reserve of approximately £1.28 Million at the year-end, giving a strong financial position.  The Head of Finance – Financial Services noted that once the improvement works had been completed, then reserves would built up steadily, ready for further cremator replacement in 10-15 years at the end of the life-cycle of the current equipment.  It was added that there was a rebate from the Crematoria Abatement of Mercury Emissions Organisation (CAMEO) scheme, now built into the forecast moving forward but Finance Staff were in dialogue with CAMEO as regards the initial figure quoted which we expected to increase.   

Councillor P Conway asked whether the premises overspend would be lower next year.  The Head of Finance – Financial Services noted that the overspend was a effectively a “one-off”, though the 2016/17 budget would still retain scope to accommodate one-off expenditure.

Resolved:

(i)              That the April to December 2014 Revenue Spend Financial Monitoring Report and associated Provision Outturn position at 31 March 2015 be noted.

(ii)             That the projected year end Earmarked and General Reserve balances as at 31 March 2015.