Agenda item

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

The Head of Finance and Transactional Services referred Members to Financial Monitoring Report, as set out in the usual format, for the period to 31 August 2017 and with projected outturn to 31 March 2018 (for copy see file of minutes).

The Joint Committee noted that there was a projected revenue outturn surplus of £15,842 more than the budgeted position, with the reasons for the major variances set out in detail within the report.  It was added that one of the main additional spends was in relation to drainage and removal of tree roots, as agreed by the Joint Committee at the June meeting, however these were offset against saving in other areas..

Members noted a projected total reserve of approximately £1.6 Million at the year-end, giving a strong financial position.  It was added that   The Head of Finance and Transactional Services noted that overall the budget was in line with the original base budget and later within the agenda there was a paper looking at the options in terms of the distribution of surplus to the partner Authorities.

Councillor K Thompson asked when Spennymoor Town Council would have he figures in terms of distribution of surplus in order to look forward to next year’s budget.  The Head of Finance and Transactional Services noted this was set out within Item 10.

The Chairman noted the healthy position in terms of the budget, income and reserves.

Resolved:

That the April to August 2017 Financial Monitoring Report and associated provision revenue and capital outturn positions at 31 March 2018, including the projected year end position with regards to the reserves and balances of the Joint Committee, be noted.