Issue - meetings

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

It was RESOLVED that:

a)    the projected revenue and capital budget positions for the year of £577,000 revenue efficiencies, and £10,587,000 from capital scheme re-phasing and potential savings be noted.

b)    £50,000 to be taken from the current year’s projected underspend position to replenish the Strategic Growth Board budget.

The Portfolio Holder for Finance presented the report of the Executive Manager – Finance and Corporate Services, to provide an update on the Council’s budget position for both revenue and capital accounts as at 31 December 2017. It was noted that the budget position had already been considered by the Corporate Governance Group on 8 February 2018 (Corporate Governance Group Minute No.34 2017/18)

The Portfolio Holder advised that projected revenue outturn amounted to £577,000, of which £454,000 related to additional government funding due to business rates relief changes. It was also noted that capital scheme re-phasing and potential savings were £10,587,000. The Portfolio Holder advised that at its meeting on 19 February 2018 the Strategic Growth Board had supported a request be made to Cabinet to allocate £50,000 of the current projected underspend to the Strategic Growth Board budget. It was noted that there was currently £44,622 remaining in the budget, with commitments amounting to £19,000. The Portfolio Holder noted that the current budget position of the Council encouraged growth whilst also delivering high quality services to residents.

In seconding the recommendations Councillor Edyvean was pleased that the Council was maintaining well controlled finances whilst also delivering first class services to residents. Councillor Edyvean stated that despite ambitious capital expenditure plans such as the finalisation of the Cotgrave regeneration project, testament should be paid to the Executive Manager – Finance and Corporate Services and the rest of the Finance team for being able to manage the Council’s finances effectively. 

Councillor Robinson was pleased to note the excellent accounts of the Council and to see the realisation of capital expenditure in transformation projects such as the regeneration of Cotgrave town centre and the Land off Chapel Lane, Bingham.

It was RESOLVED that:

a)    the projected revenue and capital budget positions for the year of £577,000 revenue efficiencies, and £10,587,000 from capital scheme re-phasing and potential savings be noted.

b)    £50,000 to be taken from the current year’s projected underspend position to replenish the Strategic Growth Board budget.

Reasons for decisions

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