To receive a presentation on the Q3 Revenue and Capital Budget Monitoring.

The Chief Finance Officer delivered a presentation detailing the financial position of the Council at the end of Quarter 3, highlighting areas of underspend, overspend, Capital budget monitoring and low Capital Receipt figures due to fewer sales than previously planned. Details regarding the delayed opening of Priory View and the impact on revenue as a result were discussed.

RECOMMENDED

1.    That a record of the lessons learned throughout the development of Priory View be retained in order to minimise the likelihood of similar difficulties in the future, particularly relating to agreeing the detailed scope of the project.

2.    That a briefing session be organised for Members relating to Priory View and other similar future projects, including a wider focus than just the financial aspects.

The report sets out the financial position for 2015/16 as at the end of December 2015. It sets out spend to date against the profiled budget and the forecast financial outturn.

1.         That the revenue forecast position which is currently to underspend budget by £0.1m (over budget by £0.9m in November, £1.1m over last year) be noted and that directorates be requested to continue to take the necessary action to maintain a balanced budget.

2.         That the inclusion within the budget of £2.1m of contingency that is currently forecast to be used, be noted.  There is no call on this contingency as present.

The Executive received a report of the Executive Member for Corporate Resources setting out the financial position for 2015/16 as at the end of December 2015, including spend-to-date against the profiled budget and the forecast financial outturn.

Reason for decision: to maintain rigour and transparency through the Executive’s regular public monitoring of the revenue budget.

RESOLVED

1.         that the revenue forecast position which is currently to underspend budget by £0.1m (over budget by £0.9m in November, £1.1m over last year) be noted and that directorates be requested to continue to take the necessary action to maintain a balanced budget;

2.         that the inclusion within the budget of £2.1m of contingency that is currently forecast to be used, be noted.  There is no call on this contingency as present.