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Agenda item

Financial Monitoring Report 2017/18: Position at 31/12/17 with Projected Outturn to 31/03/18

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

 

Minutes:

The Joint Committee considered a joint report of the Corporate Director: Regeneration and Local Services and Corporate Director Resources and Treasurer to the Joint Committee which set out details of income and expenditure in the period 1 April 2017 to 31 December 2017, together with the forecast outturn position for 2017/18, highlighting areas of over / underspend against the revenue budgets at a service expenditure analysis level.

The report further detailed the funds and reserves of the Joint Committee at 1 April 2017 and forecast outturn position at 31 March 2018, taking into account the provisional financial outturn (for copy see file of Minutes).

 

The Principal Accountant explained that the updated projected outturn showed a surplus (before transfers to reserves and distribution of surpluses to the partner authorities) of £678,072 against a budgeted surplus of £610,165, (£67,906) more than the budgeted position.  Details of the significant variances were detailed in the report.  It was further reported that an increase in income of (£57,850) from the 2017/18 budgeted position was included within the updated outturn projections and was mainly as a result of additional cremations undertaken during the year.

 

The Principal Accountant went on to advise that, in relation to the capital budget, following a survey, cremator 3 was found not to require a relining and works to the car park had also resulted in an underspend.  Members noted the retained reserves at 31 March 2018were forecast to be £1,180,588, along with a General Reserve of £467,550, giving a forecast total reserves and balances position of £1,648,138 at the year end.

 

Town Councillor I Machin noted another crematorium was being built and asked as regards the lead in time for this facility being operational.  The Principal Accountant noted a planning permission had been granted for a facility at Castle Eden, and the Bereavement Services Manager noted potentially around a year to be up and running.

 

Resolved:

 

That the April to December 2017 revenue spend financial monitoring report and associated provisional outturn position at 31 March 2018, including the projected year end position with regards to the reserves and balances of the Joint Committee be noted.

Supporting documents:

 

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