Financial Monitoring (00:03:10)
To receive a verbal update from the Accountant in respect of the income and expenditure so far in the year.
The Accountant provided a verbal update providing information in respect of the income and expenditure so far in the year. This included the following:
· It was still very early on in the financial year, however, at the present time the overall balance on the General Fund was estimated to have an overspend of approximately £242k. This related to a reduction in car parking income, a reduction in waste recycling (as the price for cardboard was less than it was previously) and also leisure and planning.
· The Housing Revenue Account was predicted to have an approximate underspend of £45k which was in part due to savings on the gas servicing contract and the major repairs fund.