Agenda item

The report provides information on the key budget areas of salaries, major income streams and investment income, together with approved variations, virements and issues identified via revenue budget monitoring for the year ended March 2018 and the month of April 2018; and for 2017/18 the Business Rates Retention scheme. 

Decision Notice D180030MEM

The report of the Director of Finance and Transformation provided information on the Council’s key budget areas of salaries, major income streams and investment income for the year ended 31 March 2018.  It also gave details of the variations agreed in relation to the revenue budget, summarised to provide an overall provisional budget outturn position for 2017/18 which showed a net favourable variance of £639,735, affording the opportunity to transfer £500,000 to the Property Investment Fund Reserve which would be considered by the Cabinet on 6 June.  Regarding the Business Rates Retention Scheme for 2017/18 it was noted that, for the first time since the introduction of the scheme in 2013, the Council was above the baseline set.

Details were provided of variations identified through budget monitoring in respect of the first month of 2018/19 which showed a net favourable variance of £3,424.  An update was also given on capital expenditure and variations agreed in relation to the capital plan for the year ended March 2018 and the month of April 2018.

Reference was made to correspondence from the Ministry of Housing, Communities and Local Government in respect of passing on local council tax support funding to parish and town councils together with the response submitted.  The Leader updated the position on representations made to the Minister via the local Members of Parliament.

RECOMMENDED:  That

The contents of the report be noted and endorsed.