Agenda item

Revenue Management Report Quarter 3

To consider and decide on the recommendations as set out in the associated report. 

Decision:

RESOLVED –

 

  1. That the Quarter 3 next expenditure on services year to date was £10,094,000, £745,000 less than budget be noted.
  2. That by year end the Council anticipates net expenditure of £15,349,000 on services and this forecast is £325,000 under budget, an improvement of £315,000 since Quarter 2 be noted.
  3. That by year end the Council anticipates receiving an increase in funding of £1,712,000, an improvement of £240,000 since Quarter 2.  Overall, an improvement to budget of £2,037,000 which will reduce the budget deficit that was to be met from reserves to a forecast of £963,000 be noted.
  4. That write offs as set out in Paragraph 2.24 and detailed in Appendix J be approved.

 

REASON FOR DECISION: To show the actual expenditure on services compared to the revised budget for the period ending 31 December 2021, and the forecast outturn position, highlighting significant variances from the revised annual budget.

 

Minutes:

Jane Fineman, Head of Finance, Procurement and Parking introduced the report set out in the agenda.

 

Discussion and questions from Members included the following:

 

-       The finance team were congratulated on balancing the budget this year without having to use reserves. 

-       The economy in the town and across the Borough in general was starting to recover – the number of premises being occupied and the recent announcements related to the cinema site and the BHS store were very welcome. 

 

RESOLVED –

 

  1. That the Quarter 3 next expenditure on services year to date was £10,094,000, £745,000 less than budget be noted.
  2. That by year end the Council anticipates net expenditure of £15,349,000 on services and this forecast is £325,000 under budget, an improvement of £315,000 since Quarter 2 be noted.
  3. That by year end the Council anticipates receiving an increase in funding of £1,712,000, an improvement of £240,000 since Quarter 2.  Overall, an improvement to budget of £2,037,000 which will reduce the budget deficit that was to be met from reserves to a forecast of £963,000 be noted.
  4. That write offs as set out in Paragraph 2.24 and detailed in Appendix J be approved.

 

REASON FOR DECISION: To show the actual expenditure on services compared to the revised budget for the period ending 31 December 2021, and the forecast outturn position, highlighting significant variances from the revised annual budget.

 

Supporting documents: