Agenda item

Charter Trustees considered a report of the Treasurer that provided information on the actual expenditure compared to the profiled budget for the period ending 29 February 2016; and the forecast of expenditure to 31 March 2016 in comparison to the 2015/16 original budget (for copy see file of minutes).

The Head of Corporate Finance highlighted a typing error under the heading General Reserve and clarified that the amount required to be drawn from reserves would be £1,006, not £1,270 as stated in paragraph 10 of the report.

The Head of Corporate Finance reported that at 29 February 2016 actual net expenditure was £46,642; an underspend of £8,891 against a profiled budget of £55,533. It was anticipated that actual expenditure at 31 March 2016 would be slightly lower than the original budget of £60,896 by £5,877 and sum required to be drawn from reserves to balance the budget was therefore expected to reduce from £6,883 to £1,006.

Resolved:

(i)        That the outturn position for the period ended 29 February 2016 be noted.

(ii)       That the forecast outturn to 31 March 2016 be noted.