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Agenda item

Financial Monitoring Report - Position at 31/12/18, with Projected Revenue and Capital Outturn at 31/03/19

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 of Regeneration and Local Services and Corporate Director of Resources and Treasurer to the Joint Committee which set out details of income and expenditure in the period 1 April 2018 to 31 December 2018, together with the forecast outturn position for 2018/19, 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 2018 and forecast outturn position at 31 March 2019, taking into account the provisional financial outturn (for copy see file of Minutes).

 

The Head of Finance and Transactional Services, Paul Darby explained that the updated projected outturn showed a surplus (before transfers to reserves and distribution of surpluses to the partner authorities) of £949,647 against a budgeted surplus of £752,693 (£196,954) more than the budgeted position.  Details of the significant variances were detailed in the report.  It was noted that the major variances were set out at paragraph 7.1 onwards, by subjective analysis area.

 

Councillor S Quinn entered the meeting at 2.05pm

 

The Head of Finance and Transactional Services went on to advise that in terms of the retained reserves at 31 March 2019, theywere forecast to be £1,411,136, along with a General Reserve of £485,175, giving a forecast total reserves and balances position of £1,896,311 at the year end.  It was noted this represented a very strong position going forward, especially in terms of funding for replacement cremators in the future.

 

Resolved:

 

That the April to December 2018 revenue spend financial monitoring report and associated provisional outturn position at 31 March 2019, 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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