Issue - meetings

Revenue Budget Monitoring Quarter Three 2019-2020

Meeting: 03/03/2020 - Cabinet (Resources) Panel (Item 5)

5 Revenue Budget Monitoring 2019-2020 pdf icon PDF 577 KB

[To provide a projection of the likely revenue outturn position for the General Fund and Housing Revenue Accounts, compared with the Council’s approved revenue budgets for 2019-2020]

Additional documents:

Decision:

1.     That the use of £250,000 from the Regeneration Reserveto fund various regeneration schemes as detailed at paragraph 4.4 to the report be approved.

 

2.     That the use of £626,000 from the Transformation Reserve to fund various transformational work as detailed at paragraph 4.5 to the report be approved.

 

3.     That the use of £304,000 from the Licensing Reserve to subsidise taxi fares and fees in 2019-2020 as detailed at paragraph 4.6 to the report be approved.

 

4.     That the use of £9,000 from the Wholesale Market Sinking Reserve to fund High Bay lighting within the wholesale market as detailed in paragraph 4.7 to the report be approved.

 

5.     That the use of £73,000 from the Efficiency Reserve to fund two fixed term posts to support the delivery of the volunteering strategy and Voluntary and Community Sector Action Plan over the next 12 months as detailed in paragraph 4.8 to the report be approved.

 

6.     That the contribution of £1.8 million into a new specific reserve which would be specially set aside to support the 2020-2021 budget strategy as detailed in the Final Budget and Medium Term Financial Strategy 2020-2021 to 2023-2024 reported to Cabinet on 19 February 2020 as detailed in paragraph 4.9 to the report be approved.

 

7.     That the establishment of supplementary expenditure budgets within the 2019-2020 approved budgets as detailed in section 5.0 to the report for grant funded expenditure be approved.

 

8.     That 17 virements totalling £16.8 million, for transfers within directorates, as detailed in Appendix 4 to the report be approved.

 

9.     That the write off of five Non-Domestic Rates (NDR) debts totalling £52,288.51 as detailed in Appendix 5 to the report be approved.

 

10.  That the write off of one Council Tax debt totalling £5,784.14 as detailed in Appendix 6 to the report be approved.

 

11.  That the write off of four sundry debts totalling £55,623.02 as detailed in Appendix 7 to the report be approved.

 

12.  That it be noted that the overall projected outturn for the General Fund for 2019-2020 is forecast to be a break-even position. 

 

13.  That it be noted that the redundancy costs, including the cost of pension strain, are forecast to be in the region of £3 - £4 million for 2019-2020. It is anticipated that the cost of redundancies can be met from reserves.

 

14   That it be noted that a £20.6 million surplus on the Housing Revenue Account (HRA) is projected compared with a budgeted surplus of £21.0 million as shown at Table 19 and in detail at Appendix 3 to the report. The projected reduction to the surplus of £452,000 would reduce redemption of debt by £452,000.

 

15. That it be noted that the 78 sundry debt accounts totalling £83,659.40, as detailed in paragraph 8.3 to the report, have been approved for write off by the Director of Finance in accordance with the Council’s Financial Procedure Rules.

 

16.  That it be noted that the 431 council tax accounts totalling £241,239.66,  ...  view the full decision text for item 5

Minutes:

Councillor Louise Miles presented the report on a projection of the likely revenue outturn position for the General Fund and Housing Revenue Accounts, compared with the Council’s approved revenue budgets for 2019-2020.

 

Resolved:

1.    That the use of £250,000 from the Regeneration Reserveto fund various regeneration schemes as detailed at paragraph 4.4 to the report be approved.

 

2.    That the use of £626,000 from the Transformation Reserve to fund various transformational work as detailed at paragraph 4.5 to the report be approved.

 

3.    That the use of £304,000 from the Licensing Reserve to subsidise taxi fares and fees in 2019-2020 as detailed at paragraph 4.6 to the report be approved.

 

4.    That the use of £9,000 from the Wholesale Market Sinking Reserve to fund High Bay lighting within the wholesale market as detailed in paragraph 4.7 to the report be approved.

 

5.    That the use of £73,000 from the Efficiency Reserve to fund two fixed term posts to support the delivery of the volunteering strategy and Voluntary and Community Sector Action Plan over the next 12 months as detailed in paragraph 4.8 to the report be approved.

 

6.    That the contribution of £1.8 million into a new specific reserve which would be specially set aside to support the 2020-2021 budget strategy as detailed in the Final Budget and Medium Term Financial Strategy 2020-2021 to 2023-2024 reported to Cabinet on 19 February 2020 as detailed in paragraph 4.9 to the report be approved.

 

7.    That the establishment of supplementary expenditure budgets within the 2019-2020 approved budgets as detailed in section 5.0 to the report for grant funded expenditure be approved.

 

8.    That 17 virements totalling £16.8 million, for transfers within directorates, as detailed in Appendix 4 to the report be approved.

 

9.    That the write off of five Non-Domestic Rates (NDR) debts totalling £52,288.51 as detailed in Appendix 5 to the report be approved.

 

10.That the write off of one Council Tax debt totalling £5,784.14 as detailed in Appendix 6 to the report be approved.

 

11.That the write off of four sundry debts totalling £55,623.02 as detailed in Appendix 7 to the report be approved.

 

12. That it be noted that the overall projected outturn for the General Fund for 2019-2020 is forecast to be a break-even position. 

 

13.That it be noted that the redundancy costs, including the cost of pension strain, are forecast to be in the region of £3 - £4 million for 2019-2020. It is anticipated that the cost of redundancies can be met from reserves.

 

14.That it be noted that a £20.6 million surplus on the Housing Revenue Account (HRA) is projected compared with a budgeted surplus of £21.0 million as shown at Table 19 and in detail at Appendix 3 to the report. The projected reduction to the surplus of £452,000 would reduce redemption of debt by £452,000.

 

15.That it be noted that the 78 sundry debt accounts totalling £83,659.40, as detailed in paragraph 8.3 to the  ...  view the full minutes text for item 5