Issue - meetings

Report of Chief Finance Officer

Lead Cabinet member: Councillor Bill Giles

(Non-key decision):

(1) To agree the General Fund, HRA and Collection Fund financial performance for the quarter ended December 2018.

(2) To agree the amended capital programme as set out at appendix 3 to the report.

(3) To agree the Treasury Management performance.

The Cabinet considered the report of the Chief Finance Officer updating members on the Council’s financial performance for quarter 3 2018/19.

The general fund was currently predicting an adverse variance of £1,001k at the outturn and would require some injection from reserves to produce a balanced position for year end. The main variances were due to additional expenditure in managing the increased demand relating to homelessness and expenditure incurred from unlet properties.  On the other hand, the Council has been successful in securing grant income of about £600k.  This together with use of available budget contingency has reduced the required use of reserve to £487k. The housing revenue account (HRA) budget was on target and capital expenditure was in line with expectations. Treasury management performance was on target and all activities were within the treasury and prudential limits.

Thanks were expressed to the Chief Finance Officer and finance team for ensuring a healthy financial situation.

In response to a question from visiting member, Councillor Gardiner, the Director of Regeneration and Planning confirmed that a report around short term lettings for vacant properties was scheduled for a future Cabinet meeting.

Resolved (Non-key decision):

(1) To agree the General Fund, HRA and Collection Fund financial performance for the quarter ended December 2018.

(2) To agree the amended capital programme as set out at appendix 3 to the report.

(3) To agree the Treasury Management performance.

Reason for decisions:

To enable Cabinet members to consider specific aspects of the Council’s financial performance.