Issue - meetings

Overview of Revenue Budget

Meeting: 12/07/2016 - Executive (Item 79)

79 Overview of Revenue Budget 2015/16 pdf icon PDF 275 KB

To consider the report of the Assistant Director Finance.

 

Corporate Services Scrutiny Committee considered the report at its meeting on 27 June 2016 and its comments will be reported.

 

Additional documents:

Decision:

Agreed

 

 

That it is recommended Council approve:-

 

(1)        approves the net transfer of £198,695 from Earmarked Reserves as detailed in paragraph 8.3.6;

 

(2)        approves the supplementary budgets of £1,457,409 as detailed in paragraph 8.3.8;

 

(3)        notes the Earmarked Reserves at 31 March 2016;

 

(4)        notes the Council Tax account and collection rate;

 

(5)        notes the outstanding sundry debt, aged debt analysis and debt write-off figures;

 

(6)        notes the creditor payments performance;

 

(7)        by taking into account the overall financial position of the Council, approves the General Fund working balance at 31 March 2016 at £5,516,722; and

 

(8)        approves the Housing Revenue Account working balance at 31 March 2016 at £7,068,670 and approves the Council Own Build working balance at £169,004.

 

Reason for Decision:

 

To formally approve the Council’s end of year financial position and carry forward any budgets that were not spent but the funding is still required.

 

 

Minutes:

The report of the Assistant Director Finance was submitted to advise Members of the overall financial position of the Housing Revenue Account (HRA) and General Fund Revenue Budgets for the 2015/16 financial year and to seek approval for the General Fund working balance, HRA working balance, a number of supplementary budgets and the creation of new earmarked reserves.

 

The Assistant Director Finance advised that there was an underspend on the General Fund due to additional income generated, this income was not included in the budget as it could not be relied upon. There was also an underspend on the HRA elating to the Repairs and Maintenance Programme with a saving in respect of resolving damp ingress following lower tender prices and a lower level of remedial repairs than had been originally anticipated.  

 

Corporate Services Scrutiny Committee considered the report at its meeting on 29 June 2016 and its comments were reported.

 

RECOMMENDED that Council:-

 

(1)        approves the net transfer of £198,695 from Earmarked Reserves as detailed in paragraph 8.3.6;

 

(2)        approves the supplementary budgets of £1,457,409 as detailed in paragraph 8.3.8;

 

(3)        notes the Earmarked Reserves at 31 March 2016;

 

(4)        notes the Council Tax account and collection rate;

 

(5)        notes the outstanding sundry debt, aged debt analysis and debt write-off figures;

 

(6)        notes the creditor payments performance;

 

(7)        by taking into account the overall financial position of the Council, approves the General Fund working balance at 31 March 2016 at £5,516,722; and

 

(8)        approves the Housing Revenue Account working balance at 31 March 2016 at £7,068,670 and approves the Council Own Build working balance at £169,004.

 


Meeting: 29/06/2016 - Corporate Services Scrutiny Committee (Item 7)

7 Overview of Revenue Budget pdf icon PDF 275 KB

To consider the report of the Assistant Director Finance.

 

Additional documents:

Minutes:

The Assistant Director Finance presented the report which advised Members of the overall financial position of the Housing Revenue Account and General Fund Revenue Budgets for the 2015/16 financial year. The report also sought approval for the respective General Fund and the Housing Revenue Account working balances.  The detail of a number of supplementary budgets totalling £1,457,409 had also been requested and included in the report. The General Fund working balance at 31 March 2016 would be £5,516,722 and the Housing Revenue Account working balance for the same period would be £7,068,670 and the Council Own Build working balance to be set at £169,004.

 

In respect of the Housing Revenue Account, the report set out the key variances relating to management costs and also to the repairs and Maintenance Programme where a saving in respect of resolving damp ingress following lower tender prices and a lower level of remedial repairs had been achieved.  The routine service and maintenance budgets had also reduced as the working practices had changed, following greater interaction with tenants, enabling a more proactive approach to maintenance and repairs.  Further information on the General Fund and Service Committee was provided with an overall underspend of £3,024,056, against a revised budget of £13,517,220.

 

The following responses were given to Members’ questions by the Assistant Director Finance:-

 

·         funding had been set aside to enable the City Council to undertake works at the Riverside Leisure Centre, as part of the previous contractual arrangement with Parkwood Leisure. The work had been identified as part of the Riverside Leisure Centre Dilapidations and appropriate funding had now been identified, which would enhance the building.

 

·         whilst the significant level of new homes would result in additional expenditure for associated works such as grass cutting and refuse collection, this would in turn attract additional income from the collection of council tax and New Homes Bonus.  Officers had been working to identify the required level of staff, equipment or plant for servicing the new houses had used the projection of an anticipated 4,400 houses over the next six years, so that any capacity issues and requests for increased resources could be identified and met.

 

Members congratulated the finance team and their colleagues for ensuring there had been close management of the budget in such straightened times.

 

Corporate Services Scrutiny Committee noted the report and requested that Council note the overview of the Resources Budget for 2015/16 and approve (where applicable):-

 

(1)     the net transfer of £198,695 from Earmarked Reserves as detailed in paragraph 8.3.6;

(2)     supplementary budgets of £1,457,409 as detailed in paragraph 8.3.8;

(3)     Earmarked Reserves at 31 March 2016;

(4)     the Council Tax account and collection rate;

(5)     the outstanding sundry debt, aged debt analysis and debt write-off figures;

(6)     the creditor payments performance;

(7)     having regard to the overall financial position of the Council  the General Fund working balance of £5,516,722 as at 31 March 2016; and

(8)     the Housing Revenue Account working balance as at 31 March 2016 £7,068,670 and the Council  ...  view the full minutes text for item 7