Agenda item

·        Financial Monitoring Report – Spend to 31 December 2010 and Forecast Outturn at 31 March 2011.

The Head of Finance, HR and Business Support asked Members to note the regular update report on the financial position.  Members noted that the report included the actual spend to date and also included information relating to the spending commitments for the remainder of the financial year to give an indication of the potential impact on the outturn figures. 

The Committee noted that the outturn position as set out predicted an underspend of approximately £27,000 in gross expenditure together with a projected increase in income that would give a total variance of approximately £81,000.  Members noted the variances as set out within the report and associated explanations.  It was explained that this underspend would be transferred to the earmarked reserves for capital works as usual. 

The Head of Finance, HR and Business Support noted that as agreed at the December meeting of the Joint Committee, the sum of £600,000 was transferred from earmarked reserves into a cremator replacement fund and that the predicted balance at 31 March 2001 for the total reserves was £1,379,969.

Resolved:

That the Joint Committee note the April to December 2010 Revenue Spend Financial Monitoring Report and associated provisional outturn position 2010/2011.