Agenda item

Revenue Management Report Quarter 2

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

Decision:

RESOLVED –

 

1.    That at Quarter 2 net expenditure on services year to date was £6,709,000, £320,000 less than budget be noted;

2.    That by year end the Council anticipated net expenditure of £15,757,000 on services, £512.000 over budget, an increase of £212,000 on Quarter 1, be noted;

3.    That by year end the Council anticipated receiving an increase in funding of £750,000 due to additional investment interest. Overall, an improvement to budget of £238,000 to reduce the budget deficit that was to be met from reserves be noted.

 

REASON FOR DECISION:

To show the actual expenditure on services compared to the revised budget for the period ending 30 September 2022, and the forecast outturn position, highlighting significant variances from the revised annual budget. 

Minutes:

Councillor Christopher Hall, Cabinet Member for Finance and Performance introduced Jane Fineman, Head of Finance, Procurement and Parking who presented the report set out in the agenda.

 

Discussion and questions from Members included the following:

 

-       The utility costs were detailed in Appendix E of the report.  The figure of £820k were the costs that were directly paid by the Council.  The £302k was the amount paid by British Land on behalf of the Council for Royal Victoria Place and the Meadow Road car park. 

 

RESOLVED –

 

1.    That at Quarter 2 net expenditure on services year to date was £6,709,000, £320,000 less than budget be noted;

2.    That by year end the Council anticipated net expenditure of £15,757,000 on services, £512.000 over budget, an increase of £212,000 on Quarter 1, be noted;

3.    That by year end the Council anticipated receiving an increase in funding of £750,000 due to additional investment interest. Overall, an improvement to budget of £238,000 to reduce the budget deficit that was to be met from reserves be noted.

 

REASON FOR DECISION:

To show the actual expenditure on services compared to the revised budget for the period ending 30 September 2022, and the forecast outturn position, highlighting significant variances from the revised annual budget. 

Supporting documents: