Agenda item

Joint Report of the Corporate Director of Regeneration and Local Services and the Treasurer to the Joint Committee / Corporate Director, Resources.

The Principal Accountant, Ed Thompson referred Members to the Financial Monitoring Report, with the provisional outturn as at 31 March 2017 (for copy see file of minutes).

The Joint Committee noted that the updated projected revenue outturn was showing a surplus, of £813,495 against a budgeted surplus of £686,308.  It was noted that the major variances were set out within the report.

Members noted that in terms of the capital programme, this was reported as being £140,747 under budget, with the underspends being attributed to: a delay in the tarmacking of the roads and car park bays and staff car parking; cremator relining; and the coffin charger being replaced at no additional cost.  It was noted those items would be carried forward into the 2017/18 Capital Budget. 

It was explained that contributions from earmarked reserves were forecast as £127,187 more than originally budgeted, primarily due to additional unbudgeted income arising from the additional cremations and the reduction in business rates.  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 £32,250 had been required.  Members noted a projected total reserve of £1,436,753 at the year-end, giving a strong financial position.

Resolved:

That the April 2016 to March 2017 Revenue Spend Financial Monitoring Report and associated Provision Outturn position at 31 March 2017 be noted.