Agenda item

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

The Principal Accountant, Ed Thompson referred Members to the Financial Monitoring Report, with the provisional outturn as at 31 March 2016 (for copy see file of minutes).

The Joint Committee noted that the updated projected revenue outturn was showing a surplus, of £762,878 against a budgeted surplus of £556,608.  It was noted that the major variances were set out within the report.  Members noted that the most significant variance was due to a successful appeal by Durham County Council’s rating agents which had resulted in a refund of business rates totalling £129,191.

Members noted that in terms of the capital programme, this was reported as being £279,890 under budget; however, this was due to delays in the Phase 3 canopy replacement works and therefore would be completed early within the 2016/17 budget period. 

It was explained that contributions from earmarked reserves were forecast as £424,660 less than originally budgeted, mainly due to the delay in the canopy replacement works, business rates refund and increased number of cremations compared to the budget.  The Joint Committee noted that, in line with the policy to maintain a general reserve of 30% of the income budget, a transfer from the General Reserve of £11,295 had been required.  Members noted a projected total reserve of £1,424,371 at the year-end, giving a strong financial position.

Resolved:

That the April 2015 to March 2016 Revenue Spend Financial Monitoring Report and associated Provision Outturn position at 31 March 2016 be noted.