Agenda item

To consider the report of the Assistant Director Finance.

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 Own Build working balance of £169,004.