Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
The subject of the decision
The Head of Financial Services submitted a report which sought to inform Members of the Council’s financial performance against budget for the period April to December 2018 along with the forecast position to 31 March 2019.
Members noted the headline messages at the end of quarter 3 2018/19, being:
(i) Expenditure from the revenue budget, excluding projects funded from earmarked reserves, was forecast to exceed budget by £105k
(ii) Income from Taxation & Government Grants was forecast to exceed budget by £168k
(iii) This projected outturn position would result in a reduction to the amount of general fund balance required to finance the revenue budget.
Earmarked Reserves Budget
(iv) A forecast underspend against the budgeted use of Reserves
(v) This was largely reflecting changes in the anticipated timing of expenditure from reserves and the full balance of those reserves was expected to be spent in future financial years, meaning there was not saving/additional resources as a result.
(vi) Expenditure from the capital budget was forecast to underspend by £1.712 million
(vii) The forecast reprofiling of expenditure to subsequent financial years was £1.516 million
(viii) This results in an underspend of £196k.
(ix) Treasury Management activities were carried out in accordance with the Councils treasury management and investment strategies
(x) No new external borrowing was undertaken.
Councillor B Cannon moved the recommendation. This was seconded by Councillor M Fryer. The recommendation was unanimously agreed.
Alternative options considered
The reason for the decision
To inform Members of the Council’s financial performance against budget for the period April to December 2018 along with the forecast position to 31 March 2019.
That the report be noted.
Report author: Wayne Johnston
Publication date: 25/02/2019
Date of decision: 25/02/2019
Decided at meeting: 25/02/2019 - Executive