Lead Member – Councillor Malcolm Pate – Leader of the Council and Portfolio Holder for Strategy, Financial Strategy, Budget and Business Plan

Report of the Head of Finance, Governance and Assurance (Section 151 Officer)

Contact: James Walton  Tel: 01743 255001

            RESOLVED:

i)          That it be noted that at the end of Quarter 3 (31 December 2016), the full year revenue forecast is a potential underspend of £0.244m;

ii)         That the impact of this on the Council’s General Fund Balance be considered.

iii)        That net budget variations be approved of £6.215m to the 2016/17 capital programme, detailed in Appendix 3/Table 6 and the re-profiled 2016/17 capital budget of £53.951m.

iv)        That re-profiled capital budgets be approved of £66.058m for 2017/18 and £25.800m for 2018/19 and £2.320m for 2019/20 as detailed in Appendix 1/Table 9.

v)         That the capital expenditure to date of £26.972m be accepted, representing 50% of the revised capital budget for 2016/17, with 75% of the year having elapsed.

The Leader and Portfolio Holder for Strategy, Financial Strategy, Budget and Business Plan presented a report from the Head of Finance, Governance and Assurance [s151 Officer] consolidating the previous separate revenue and capital monitoring reports into one financial monitoring report.

A Member commented on the scheme to convert to LED street lighting and suggested that this should be completed in a timelier manner in order to invest to save.  The Director of Place and Enterprise reported that the Council was in Year 2 of a five-year programme and the benefits of the programme were well recognised.  The Head of Finance, Governance and Assurance agreed to provide an update to the Member on other issues on which he requested additional information.

RESOLVED:

i)          That it be noted that at the end of Quarter 3 (31 December 2016), the full year revenue forecast is a potential underspend of £0.244m;

ii)         That the impact of this on the Council’s General Fund Balance be considered.

iii)        That net budget variations be approved of £6.215m to the 2016/17 capital programme, detailed in Appendix 3/Table 6 and the re-profiled 2016/17 capital budget of £53.951m.

iv)        That re-profiled capital budgets be approved of £66.058m for 2017/18 and £25.800m for 2018/19 and £2.320m for 2019/20 as detailed in Appendix 1/Table 9.

v)         That the capital expenditure to date of £26.972m be accepted, representing 50% of the revised capital budget for 2016/17, with 75% of the year having elapsed.