Issue - meetings

The report of the Executive Manager – Finance and Corporate Services is attached.  

It is was RESOLVED that

a)            the Revenue and Capital Budget Monitoring 2019/20 – Financial Update Quarter 2 be approved;

b)            the projected revenue position for the year with £454k of budget efficiencies be noted; and

c)            the capital underspend of £13.530m as a result of either projects no longer proceeding or planned programme slippage be noted.

The Portfolio Holder for Finance and Contracts presented the report of the Executive Manager – Finance and Corporate Services outlining the budget position for revenue and capital at 30 September 2019 as part of the Financial Update for Quarter 2.

The Portfolio Holder for Finance and Contracts confirmed that the report had been considered by the Corporate Overview Group at its meeting on 19 November 2019 and it had forwarded no observations to Cabinet. Despite the challenging current financial climate, the overall financial position for the year remained positive, with an overall revenue efficiency position of £454k. The £454k variation represents 3.95% against the net expenditure budget. The financial position to date reflected a number of positive variances; including additional income from planning applications, treasury investment income and staffing efficiencies. In respect of Capital Monitoring, the updated summary of the Capital Programme monitoring statement and funding position highlighted a projected variance at this stage of £13.530m. This net expenditure efficiency position was primarily due to a number of savings; related to the Bingham Leisure Hub, the Abbey Road redevelopment, the crematorium, a Nottinghamshire Cricket Club loan and reduced Asset Investment Strategy spend. In respect of the Special Expenses Budget, there had been a slight increase in the revised budget and projected spend due to agreed allocations from contingency for park improvements and Christmas lights on Melton Road. That expenditure highlighted the Council’s commitment to the maintenance of thriving town centres. 

In seconding the recommendation, Councillor Upton welcomed the overall positive financial position for the Council and stated that it was in a good position for significant future capital spending projects.

Councillor Robinson referred to the additional income from planning applications and the associated increasing workload for Planning Services due to the number of large applications being submitted. He noted that this was likely to continue.

It is was RESOLVED that

a)            the Revenue and Capital Budget Monitoring 2019/20 – Financial Update Quarter 2 be approved;

b)            the projected revenue position for the year with £454k of budget efficiencies be noted; and

c)            the capital underspend of £13.530m as a result of either projects no longer proceeding or planned programme slippage be noted.