(Report of Director of Finance and Transformation)
The report provided information on the Council’s key budget areas of salaries, major income streams and investment income. It also gave details of the variations agreed in relation to the revenue budget and areas identified through budget monitoring, summarised to provide an indicative overall budget position for the year which showed a net adverse variance of £104,000. It was noted that this had arisen because better than budgeted performance had enabled a one-off contribution to the Building Repairs Reserve to fund a number of items of unbudgeted building repair works.
An update was given on capital expenditure and variations agreed in relation to the capital plan. The report also gave an update on the Savings and Transformation Strategy and funding gap and the proposed introduction by CIPFA of a financial resilience index.
Following consideration by the Finance, Innovation and Property Advisory Board, the Cabinet Member for Finance, Innovation and Property resolved that:
The contents of the report be noted and endorsed.