Issue - meetings

To receive a report from the Head of Finance presenting a financial update in respect of the income and expenditure so far in the year.

The Group had before it, and NOTED, a report * from the Director of Finance, Assets and Resources presenting a financial update in respect of the income and expenditure so far in the year.

The Group were referred to the General Fund (GF) and Housing Revenue Account (HRA) balances where it was stated that the forecasted GF deficit for the current year was £202k.The HRA would start and end the financial year on a surplus of £2m.

Further details were provided relating to the following:

·         Property Services was a new area for this Group to cover in terms of financial monitoring and there was currently a £2k overspend for the year so far.

·         GF Housing had no variances.

·         Dwelling rent was 0.4% ahead of where targeted and was forecasted to lead to a £48k variance by the end of the year which was good news.

·         The HRA was showing £109k overspend which related to work carried over from the previous year due to under delivery. A corresponding underspend had shown within the figures in the previous year. This was to do with the painting and repairs contract.

Note: * Report previously circulated; copy attached to the signed minutes