Financial Monitoring (01:18:20)
To receive a verbal report from the Group Manager for Finance presenting a financial update in respect of the income and expenditure so far in the year.
Minutes:
The Group Manager for Financial Services provided the following verbal update with regard to the income and expenditure so far in the current financial year explaining that a full suite of reports would be provided to the next meeting.
In October a variance of £95k deficit had been reported, this had increased to a deficit of £243k for November.
The main areas of movement since October monitoring included the following:
· Environmental Services – net S106 expenditure was slightly less than previously forecast (£9k) this was offset by Earmarked Reserves.
· Waste – (£15k) garden waste and permit sales were down against budget, however, it was noted that numbers might pick up before year end.
· Cemeteries – income was below that which was previously forecast (£10k)
· Planning – S106 expenditure had increased by £82k, however, this was offset by Earmarked Reserves transfer. Planning income was a further £20k less than forecast at the October monitoring.
· IT – a salary pressure had been reduced by £11k.
· Revenues and Benefits – Housing Benefit Overpayments Recovery forecasts had dropped another £60k. The forecast had been revised following identification of some duplication.
· NNDR – Retained Business Rates were forecasted to be £48k lower than forecasted in October following appeals.
· HRA – a favourable variance of £486k remained.
Consideration was given to:
· The effect of Universal Credit on Revenues and Benefits which had not impacted significantly yet.
· Concern at the increase in the deficit figure since the previous meeting
Note: * Report previously circulated; copy attached to the signed minutes.