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Issue - meetings

Budget Monitoring Report including allocation of contingency and capital funding

Meeting: 19/03/2020 - Executive (Item 705)

705 Budget Monitoring Report including allocation of contingency and capital funding pdf icon PDF 159 KB

Additional documents:

Decision:

AGREED RECOMMENDATIONS

Reason for decision – as specified in the report.

Other options considered - none.

Conflicts of interest/dispensations granted – none.

Link to the report

 

Minutes:

 

RESOLVED:

2.1     That the forecast revenue outturn for the General Fund (Table 1 of the report) of an overall underspend of (-£3.318m) compared to a forecast underspend of (-£1.973m) in the previous reported position (Section 3 of the report) be noted.

2.2         That management action is required over the course of the financial year to bring forecast overspends back to within agreed cash limited budgets where possible (paragraph 3.2 of the report) be noted.

2.3         That, as agreed in the 2020/21 budget report, that any underspend on the 2019/20 General Fund budget at the end of the financial year will be transferred to General Fund reserves and balances in order to improve the financial resilience of the Council (paragraph 3.4) be noted.

2.4         That the breakdown of the forecast General Fund outturn by individual variance at Appendix 1 and by service area at Appendix 2 of the report be noted.

2.5         That the schedule of additional budget risks that are not included in the current forecasts (paragraph 3.3 and Appendix 3 of the report) be noted.

 

2.6         That the back pay of out of hour premiums to colleagues in the Cleaning Service that had not been applied since the service moved back to Islington in October 2010 be agreed and that this is included in the forecast outturn position be noted (paragraph 4.12 of the report).

2.7         That the latest position on the delivery of the agreed 2019/20 to 2022/23 savings programme and on the earmarked corporate transformation reserve (Section 5, Table 2 and Appendix 4 of the report) be noted.

2.8         That the now secured savings classified as ‘Closed’ can be removed from the savings tracker (paragraph 5.2 and Appendix 4 of the report) be agreed.

2.9         That the HRA forecast is a net break-even position (Table 1 and Appendix 2 of the report) be noted.

2.10      That charges for HRA reception centres owned by the council for the purpose of providing temporary accommodation to homeless households be amended for the financial year 2020/21 to include a 5% uplift on the target rent and the introduction of a service charge which better reflects the cost of the services provided to residents (paragraphs 6.2-6.5 of the report) be agreed.

2.11      That the latest capital position and key capital variances with forecast capital expenditure of £132.394m in 2019/20 against the existing 2019/20 capital budget of £155.628m (Section 7, Table 3, and Appendix 5 of the report) be noted.

Reason for decision – to allow members to monitor the budget.

Other options considered – none other than as specified in the report.

Conflicts of interest/dispensations granted – none.