Issue - meetings

Report of the Executive Manager – Finance and Corporate Services.

It was RESOLVED that

a)    The projected revenue position for the year with a minor 0.8% variation (£80,000) in the revenue position and

b)    The capital underspend of £12.064m as a result of capital scheme rephrasing be noted.

The Portfolio Holder for Finance presented the report of the Executive Manager – Finance and Corporate Services which highlighted the Council’s budget position for revenue and capital as of 30 September 2018. It was noted that the Corporate Governance Group had previously considered the report with no significant issues raised. The Portfolio Holder was pleased to note that the Council’s financial position was relatively stable with a net position of £80,000 adverse variance which represented a 0.8% variation against the net expenditure budget. It was also noted that there was favourable revenue variances including income from the submission of planning applications and additional income from car parks within the Borough.  

The Portfolio Holder also noted that there was a capital underspend of £12 million due to a slowdown in asset investment and the delay of the relocation of the Depot from Abbey Road, West Bridgford.

In seconding the recommendations Councillor Edyvean was pleased to see a number of investments in local properties. Councillor Robinson was also pleased to see rental income from recent investments of the Council including the Co-Op in Lady Bay and thanked the Executive Manager – Finance and Corporate Services for providing the Council with a sound financial basis going forward.

It was RESOLVED that

a)    The projected revenue position for the year with a minor 0.8% variation (£80,000) in the revenue position and

b)    The capital underspend of £12.064m as a result of capital scheme rephrasing be noted.

Reasons for decisions

To demonstrate good governance in terms of scrutinising the Council’s ongoing financial position and compliance with Council financial regulations.