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Agenda item

Financial Monitoring Report 2015/16 - Position at 31/08/15 with Projected Outturn to 31/03/16

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

Minutes:

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 August 2015 and with projected outturn to 31 March 2016 (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 previous to Members, it was explained that the prudent forecast in terms of the number of cremations during the period of the improvement works was less than the actual number of cremations undertaken and therefore it was predicted that there would be an increase in income for the 2015/16 budget.  It was explained that the reasons for the major variances were set out in detail in the report.

 

Members noted a projected total reserve of approximately £1.1 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 build up steadily, ready for further cremator replacement at the end of the life-cycle of the current equipment.  It was added that the strong position was in the context of the Joint Committee not increasing fees and charges in 2015/16 together with the prudent estimate of the number of cremations that would be carried out.

 

Councillor K Thompson asked why the increased canopy costs were not incorporated into the forecast position.  The Head of Finance – Financial Services noted that the position set out in the report was as at the end of August 2015, and did not presume any decision the Joint Committee would make at this meeting as regards progressing the issue of replacement canopies.  It was added that the next budget report would incorporate the Joint Committee’s decision to implement the in-house design and associated costs.

 

Resolved:

 

That the April to August 2015 Financial Monitoring Report and associated Provision Outturn position at 31 March 2016, including the projected year end position with regards to the reserves and balances of the Joint Committee, be noted.

 

Supporting documents:

 

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