Issue - meetings

Finance Monitoring Quarter 2 Report

Meeting: 05/12/2018 - Cabinet (Item 47)

47 Finance Monitoring Quarter 2 Report PDF 296 KB

Additional documents:

Minutes:

The Portfolio Holder for Finance and Resources introduced the report and handed over to the Executive Director, Finance and Resources to highlight a number of areas, which included:

· The projected position to end of March 2019.

· Unidentified savings of £400k which had been allocated within the purpose of enabling others – it was confirmed that this item would be removed by the end of the year and all significant savings would be drawn down.

· Additional income for a number of areas, in particular Bereavement Services and Core Waste.

· Projected additional income in respect of Business Rates S31 Grant.

· Projected shortfall in planning applications and the impact this has on other areas, including Council Tax and New Homes Bonus.

· The request for approval of an increase in budget of £59k for a district heating feasibility study. It was confirmed that that the cost of this would be funded by a Government Heating Network Development Unit Grant, NWEDR and Worcestershire LEP contributions.

· Income and efficiency savings of £293k had already been identified.

· Capital Programme under spend.

· Reserves – the Heads of Service and Portfolio Holders had been asked to review this as part of the budget process.

· Balances were discussed and the estimated budget gap as approved in February 2018.

The Portfolio Holder for Finance and Resources took the opportunity to thank the Executive Director, Finance and Resources and her team for all their hard work and reiterated her concern in respect of the planning applications shortfall in income and its impact on the Council’s financial position overall.

The Executive Director, Finance and Resources advised Members that she had received, within the last few hours an email from Central Government advised that the settlement details for 2019/20, which had been expected on 6^th December, would now be delayed. It was not anticipated that these would come through before 12^th December. She advised that she would keep Members up to date of any further information she received.

Following discussion, it was agreed that the resolved item 2.2, under the Recommendations within the report, would be removed pending clarification.

RESOLVED that the current financial position for the period April – September 2018 as detailed in the report be noted;

RECOMMENDED that an increase in the 2018-19 Revenue Budget of £59k for the Bromsgrove Heating feasibility study be approved and to be funded by a Government Heat Network Development Unit Grant (£40k), NWEDR (£5k) and Worcestershire LEP (£14k).