Issue - meetings
Revenue and Capital Budget Monitoring 2018/19 - Quarter 3 Update
Meeting: 12/03/2019 - Cabinet (Item 55)
55 Revenue and Capital Budget Monitoring 2018/19 - Quarter 3 Update 
PDF 502 KB
The report of the Executive Manager – Finance and Corporate Services is attached.
Additional documents:
- Appendix A - Revenue Outturn Position 2018/19 - December 2018, item 55
PDF 296 KB
- Appendix B - Revenue Variance Explanations, item 55
PDF 207 KB
- Appendix C - Capital Programme 2018/19 - December 2018 Position, item 55
PDF 362 KB
Decision:
It was RESOLVED that:
a) The project revenue position for the year with a 9.63% variation (£1.007m) in the revenue position; and
b) The Capital underspend of £12.698m as a result of capital scheme re-phasing and projected savings be noted.
Minutes:
The Portfolio Holder for Finance presented the report of the Executive Manager – Finance and Corporate Services, which provided the Councils budget position for revenue and capital as at 31 December 2018.
The Portfolio Holder for Finance explained that, the report had been presented to the Corporate Governance Group on 7 February 2019 with no issues arising. The revenue financial position has moved from a relatively small adverse variance to £1.01m favourable variance. Adding that this was due to three one off items of income:
· Additional income from planning applications contributing towards the £406k positive service position.
· Improved position on Business Rates as a result of renewable energy assets (455k)
· The Nottinghamshire Business Rates Poll had an uncommitted surplus which was shared proportionately according to the pool contribution (127k)
The overall position of a £1.007m favourable variance represents -9.63% variation against the Councils net expenditure budget.
The Portfolio Holder for Finance advised that the capital programme shoed a planned underspend of £12.698m due to the ‘slow down’ in asset investment due to risks in the property market and the Council’s decision to not build a replacement Depot.
In seconding the recommendations, Councillor Edyvean commented on the adverse variant in respect of facility hire, adding that the Council needed to obtain a greater return on the assets at Gresham and Lutterell Hall. Councillor Mason supported this observation.
It was RESOLVED that:
a) The project revenue position for the year with a 9.63% variation (£1.007m) in the revenue position; and
b) The Capital underspend of £12.698m as a result of capital scheme re-phasing and projected savings be noted.