Agenda item

Financial Monitoring Report - Position at 31/12/15, with Projected Revenue and Capital Outturn at 31/03/16

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

Minutes:

The Principal Accountant, Ed Thompson referred Members to Financial Monitoring Report, as set out in the usual format, for the period to 31 December 2015 and with projected outturn to 31 March 2016 (for copy see file of minutes).

 

The Joint Committee noted that expenditure was broadly in line with the budget, though as mentioned in the previous report the number of cremations and sales of memorials represented an increase in income.  It was added that the rebate from the Crematoria Abatement of Mercury Emissions Organisation (CAMEO) scheme had been £30,000 less than budgeted, it was explained that this was due to reduced Tradable Mercury Abated Cremations (tmacs) rate having reduced from the 2013 rate of £36.39 to a 2014 rate of £15.66.  It was explained that as more crematoria were installing abatement equipment, the tmac rate would decrease as less pay into the CAMEO scheme.  Accordingly, it was noted that, in terms of prudent budget setting, a tmac rate of £10.00 would be used.

 

The Principal Accountant explained that as the works regarding canopies had been delayed, this would carry over into the next financial year and that the projected total reserve of approximately £1.28 Million at the year-end, gave a strong financial position.

 

Resolved:

 

(i)      That the April to December 2015 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 2016.

 

Supporting documents: