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  • Agenda item

    Financial Monitoring (00-26-35)

    • Meeting of Cabinet, Thursday, 13th February, 2020 6.00 pm (Item 144.)
    • View the background to item 144.

    To receive a report of the Deputy Chief Executive (S151) presenting a financial update in respect of the income and expenditure so far in the year.

    Minutes:

    The Cabinet had before it and NOTED a * report of the Deputy Chief Executive (S151) presenting a financial update in respect of the income and expenditure so far in the year.

     

    The Cabinet Member for Finance outlined the contents of the report stating that

    the December variance on budget had been £270k, the main factors being:

     

     

    £k

    Waste Services – Shared savings scheme and vacancies

    (151)

    Trade Waste and recycling - Increase in customers and reduced discounts etc.

    (64)

    New vehicle contract – Funded by EMR (Not an overspend on the contract)

    67

    Public Health – Air Quality S106 (covered by EMR) and legal costs

    92

    Planning – Downturn in Planning income less salary savings

    154

    Garden Village project – funded by EMR

    23

    Garden Village – Capacity funding

    (150)

    S106 spend re Public Open Space – funded by EMR

    178

    Cullompton Master Plan – funded by EMR

    56

    Local Plan – Funded by EMR

    32

    Tiverton Town Centre Regen – abortive capital costs

    87

    Bank charges – Additional charges

    10

    Cemeteries – Income below anticipated in budget

    25

    Car Parking – Shortfall Premier Inn; extra security and electricity usage

    33

    Private Sector Housing – legal costs of prosecution

    19

    General Fund Housing - Grant funding – to be earmarked

    (127)

    Property – Loss of income; etc. partly offset by salary savings

    61

    Customer services – Vacancy and overtime savings

    (48)

    HR – Review of service needs - restructuring

    24

    Legal – Various including consultancy budget saving

    (53)

    Democratic Services – District Elections shortfall

    25

    Electoral Registration – Increase in IER funding and delayed boundary review

    (69)

    Member Services – Vacancy saving

    (7)

    Leisure – Vacant posts, growth in membership etc. offset by utilities overspend and reduction in casual swim

    47

    Revs and Bens – Various including reduced overpayment recovery and software costs

    65

    3 Rivers Impairment – Partly offset by a statutory reversal of £757k

    883

    Statutory Adjustments – Reversal of Capital impairment 3 Rivers

    (757)

    Statutory Adjustments – Reduction in Minimum Revenue Provision (less borrowing than anticipated)

    (50)

    Interest income – additional income

    (100)

    Interest Payable – reduction in charge

    (60)

    Earmarked Reserves transfers

    (120)

    Net Business Rates retention – more levy due to growth (benefit in future year)

    88

     

    Major variances, current incomes from major funding streams and current employee costs were all shown within the appendices to the report.

     

    The Housing Revenue Account continued to have a healthy underspend.

     

    He outlined the Capital Programme position and discussion took place with regard to the impairments to the 3 Rivers loan (identified within the Riverside project) and the financial accounting that had to take place.

     

    Further discussion took place with regard to:

     

    ·                     Whether the monitoring of the loans to 3 Rivers could be listed separately within the General Fund financial monitoring

    ·                     The ring-fenced ‘1:4:1’ receipts and the need for those to be spent within 3 years of receipt otherwise the funding needed to be returned to the MHCLG, details of previous monies returned would be sent to the member

    ·                     Increased electricity costs within the MSCP

    ·                     Legal costs within the public health remit.

     

    Note:  *Report previously circulated, copy attached to minutes.

    Supporting documents:

    • Cabinet Report - Monitoring Month 9, item 144. pdf icon PDF 115 KB
    • Appendix A - General Fund Summary, item 144. pdf icon PDF 214 KB
    • Appendix B - Variances (002), item 144. pdf icon PDF 221 KB
    • Appendix C - Fees and Charges (002), item 144. pdf icon PDF 199 KB
    • Appendix D - Employee Costs (003), item 144. pdf icon PDF 196 KB
    • Appendix E - HRA Summary (002), item 144. pdf icon PDF 264 KB
    • Appendix F - HRA Variances (002), item 144. pdf icon PDF 191 KB
    • Appendix G - Capital Programme (002), item 144. pdf icon PDF 410 KB