Agenda item

Financial Monitoring Report 2011/12: Spend to 31/08/11 and Projected Outturn to 31/03/12

The Head of Finance (Financial Services) noted that this was the usual quarterly update on the financial position for the Central Durham Crematorium Joint Committee and for the first time also included the position regarding the capital budget in the one report.

Members were asked to note approximately £15,000 of underspend in gross expenditure and a slight increase in income leading to a net income increase of around £18,000 in comparison to the original 2011/12 Base Budget.

The Joint Committee were reminded that, in line with the Committee’s wishes, any surplus would be retained and credited to the Major Capital Works Reserve and retained for the Crematorium.

The Head of Finance (Financial Services) reminded Members that the total earmarked reserves balance at the start of the year was approximately £1.4 Million with £600,000 of this being allocated for part financing the cremator replacement programme.  Members noted that the issue regarding the drains, as mentioned earlier by the Superintendent and Registrar in his report, was factored into the updated position, offset by savings made elsewhere.

The Joint Committee noted that the Capital Budget, for the Cremator Replacement and Redevelopment Works, was on track and that the percentage spend by August 2011 was 38%, though this would increase significantly with the installation of the cremators by IFZW.

Members thanked the Officers for their continued work and were pleased as regards the financial position of the Crematorium and the ongoing scheme of works.

Resolved:

(i)         That the Joint Committee note the April to August 2011 Revenue          Spend Financial Monitoring Report and associated provisional             outturn position at 31 March 2012.

(ii)        That the Joint Committee note the April to August 2011 Cremator        Replacement and Redevelopment Capital Project spend and           associated outturn.