Issue - meetings

The Budget Monitoring Report sets out the Capital, Housing Revenue and General Fund Revenue budget performance to the end of September 2019. 

The Cabinet

RESOLVED – That

1.   Appendix 1 be noted;

2. the significant anticipated overspend in relation to nightly paid accommodation be noted; and

3.    the overall performance against budget is currently on track

The Chairman introduced this report stating that financial performance was monitored on a regular basis to ensure that spending was in line with Council policies and that net expenditure was contained within overall budget limits.  The report covered performance against approved budget to the end of September 2019 in relation to General Fund, Housing Revenue Account and Capital.  

The Chairman then invited the Financial Services Manager to work through the key highlights of the budget monitoring report and to take questions.

The Financial Services Manager outlined that this was the second report of the year to the end of September 2019.  The Council’s financial position had been detailed at Appendix 1 and it confirmed that the Council had a general fund underspend of £256k against current budget profile.  The major strain on the Council’s budget was net expenditure on nightly paid accommodation which to the end of September 2019 amounted to £526k compared to a full year budget of £630k.  As a result of this, a further report would be presented later giving details of the situation and requesting a supplementary estimate to be submitted to Full Council on 15 January 2020.

            Following some discussion, the Cabinet

            The Cabinet

                        RESOLVED – That

(1)  The report and Appendix 1 be noted;

(2)  The significant anticipated overspend in relation to nightly paid accommodation be noted; and

(3)  It be noted that the overall performance against budget was currently on track

The Cabinet confirmed its decision as per Decision Notice C/022/091219, a copy of which is attached to the signed copy of the Minutes.