Decision details

To inform members of the Council’s financial performance against budget for the period April to September 2018 along with the forecast position to 31 March 2019 and to seek approval for the revised revenue and capital budgets for 2017-18.

The subject of the decision

The Head of Financial Services submitted a report which sought to inform Members on the Council’s financial performance against budget for the period April to September 2018 and approval for the revised revenue and capital budgets for 2018-19.

Members noted the key messages at the end of quarter 2 for 2018/19, summarised on page 9 of the agenda.

Members noted reallocations to the budget as detailed on pages 32 and 33 of the report.

Councillor A Smith moved that the report be noted. This was seconded by Councillor M Heaslip. The motion was unanimously agreed.

Alternative options considered

None

The reason for the decision

To inform Members of the Council’s financial performance against budget for the period April to September 2018 and approval of the revised revenue and capital budgets for 2018-19.

The decision

Recommended – That Council be requested to agree that –

• The forecasted position against the original revenue and capital budgets at the end of quarter 2 be noted
• The revised budget (inclusive of spend from earmarked reserves) of £16,851k be approved
• The revised net revenue budget requirement of £15,084k be approved
• An additional release from the Council’s earmarked reserves of £500k be approved
• A reduction in the contribution from the Council’s General Fund of £20k be approved
• The revised three year capital budget (including proposed financing) of £21,048k comprising £8,970k in 2018-19, £10,038k in 2019-20 and £2,040k in 2020-21 be approved
• The revised position on earmarked and un-earmarked general fund balances be noted.