Issue - meetings

Overview of Revenue Budget

Meeting: 10/07/2018 - Executive (Item 68)

68 Overview of Revenue Budget pdf icon PDF 269 KB

To consider the report of the Chief Finance Officer.

 

Corporate Services Scrutiny Committee considered the report at its meeting on 28 June 2018 and its comments will be reported.

 

Additional documents:

Decision:

Agreed

that it is recommended that Council approve;-  

 

(1)        approves the net transfer of £2,419,076 from Earmarked Reserves as detailed in paragraph 8.3.6;

 

(2)        approves supplementary budgets of £1,880,480 as detailed in paragraph 8.3.8;

 

(3)        notes Earmarked Reserves at 31 March 2018;

 

(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)        taking into account the overall financial position of the Council approves the General Fund working balance at 31 March 2018 at £4,692,404;and

 

(8)         approves the Housing Revenue Account working balance at 31 March 2018 at £10,212,244 and approves the Council Own Build working balance at £256,943.

 

Reason for Decision:

 

As set out in the report.

 

 

Minutes:

The Chief Finance Officer presented the report advising Members of the overall financial position of the Housing Revenue Account (HRA) and General Fund Revenue Budgets for the 2017/18 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 Chief Finance Officer advised Members that the General Fund currently had an underspend of £964,022 of which £425,000 was due to the delay in finalising the arrangements for the transfer of management of Exeter’s valley parks to the Devon Wildlife Trust. The HRA had an underspend of £4,132,405 which was mainly due to the delay in delivering the programme of works.

 

Members were advised of the five new earmarked reserves being proposed and that there were a number of supplementary budgets totalling £1,880,480, of which £335,000 related to the HRA that had been requested as part of the 2018/19 budget.

 

Corporate Services Scrutiny Committee considered the report at its meeting on 28 June 2018 and its comments were reported.

 

RECOMMENDED that Council:-  

 

(1)        approves the net transfer of £2,419,076 from Earmarked Reserves as detailed in paragraph 8.3.6 of the report presented to the meeting;

 

(2)        approves supplementary budgets of £1,880,480 as detailed in paragraph 8.3.8 of the report presented to the meeting;

 

(3)        notes Earmarked Reserves at 31 March 2018;

 

(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)        taking into account the overall financial position of the Council, approves the General Fund working balance at 31 March 2018 at £4,692,404;and

 

(8)        approves the Housing Revenue Account working balance at 31 March 2018 at £10,212,244 and approves the Council Own Build working balance at £256,943.

 


Meeting: 28/06/2018 - Corporate Services Scrutiny Committee (Item 20)

20 Overview of Revenue Budget pdf icon PDF 269 KB

To consider the report of the Chief Finance Officer.

 

Additional documents:

Minutes:

The Chief Finance Officer presented the report which advised Members of the overall financial position of the Housing Revenue Fund (HRA) & General Fund Revenue Budgets for the 2017/18 financial year. The report sought approval for the General Fund working balance, HRA working balance, supplementary budgets and the creation of new earmarked reserves.  The HRA Outturn Statement depicted an increase in the working balance of £1,644,790, which was now set at £10,212,244. This was a significant variance from the proposed reduction to the balance of £2,487,615 at the start of the year.  He explained that the General Fund budget had an under spend of £1,222,566 against a revised budget of £14,315,240.  A number of supplementary budgets totalling £1,880,480 had been requested as part of the 2018/19 budget. He drew Member’s particular attention to the delay in finalising the arrangements for the transfer of the longer term management of Exeter’s valley parks to the Devon Wildlife Trust, which required the budget to be carried forward. He also referred to the movement of the earmarked reserves for 2017/18 and provided an update on the Debt Write offs figure, which had increased due in part to the increased number of general household debt and insolvency and bankruptcy cases.

 

Corporate Services Scrutiny Committee noted the report and requested the Executive note and Council note and approve (where applicable):-

 

(1)  the net transfer of £2,419,076 from Earmarked Reserves as detailed in paragraph 8.3.6;

(2)  supplementary budgets of £1,880,480 as detailed in paragraph 8.3.8;

(3)  Earmarked Reserves at 31 March 2018;

(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 £4,692,404 as at 31 March 2018; and

(8)  the Housing Revenue Account working balance of £10,212,244 and the Council Own Build working balance of £256,943 as at 31 March 2018.