Agenda item

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

The Joint Committee considered a joint report of the Interim 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 2019 to 31 December 2019, together with the forecast outturn position for 2019/20, highlighting areas of over / underspend against the revenue budgets at a service expenditure analysis level.

The report also detailed the funds and reserves of the Joint Committee at 1 April 2019 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 explained that the updated projected outturn showed a surplus (before transfers to reserves and distribution of surpluses to the partner authorities) of £785,208 against a budgeted surplus of £7523,729, £31,439 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 11 onwards, by subjective analysis area.

The Head of Finance and Transactional Services went on to advise that in terms of the retained reserves at 31 March 2020, they were forecast to be £1,237,803 along with a General Reserve of £487,670 giving a forecast total reserves and balances position of £1,735,473 at the year end. 

It was noted this represented a very strong position going forward, with a health level of reserves.

Resolved:

That the April to December 2019 revenue spend financial monitoring report and associated provisional outturn position at 31 March 2020, including the projected year end position with regards to the reserves and balances of the Joint Committee be noted.