Agenda item - Budget Monitoring 2019/20 - Period 4
Agenda item
Budget Monitoring 2019/20 - Period 4
Summary:
Options considered: |
This report summarises the budget monitoring position for the revenue account and capital programme to the end of July 2019.
Not applicable.
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Conclusions:
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The overall position at the end of July 2019 shows an £612,936 underspend for the current financial year on the revenue account, this is currently expected to deliver a full year overspend of £141,156.
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Recommendations:
Reasons for Recommendations: |
It is recommended that
1. Cabinet note the contents of the report and the current budget monitoring position; 2. Full Council agree to release £468,954 from capital receipts to fund the ongoing maintenance works to Cromer Pier following receipt of the storm surge insurance payment.
To update Members on the current budget monitoring position for the Council. |
LIST OF BACKGROUND PAPERS AS REQUIRED BY LAW
(Papers relied on to write the report and which do not contain exempt information)
System budget monitoring reports
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Cabinet Member(s) Cllr Eric Seward |
Ward(s) affected |
Contact Officer, telephone number and email: Duncan Ellis, 01263 516330, Duncan.ellis@north-norfolk.gov.uk
Minutes:
The Report was introduced by the Head of Finance and Asset Management, who explained that it was the first Budget Monitoring Report of the year. Members were informed that at present, there was a predicted full year overspend of £141,156, though this would continue to be monitored by officers.
Questions and Discussion
The Head of Finance and Asset Management informed Members that part of the current overspend was the result of demand led budgets such as Planning, that had not yet produced the expected income, though this was dependent on the number of applications received. In contrast, it was reported that Car Parking revenue had improved and was doing better than forecast.
Members were reminded that a Report was presented in the 2018/19 financial year regarding the successful draw down of remaining funds from the insurance pay-out for the 2013 storm surge, that had subsequently been placed in reserve for works to Cromer Pier. The Head of Finance and Asset Management informed Members that the Report asked for the release of these funds, totalling £468,954 in order to fund the remaining structural repair works to the Pier.
RESOLVED
To commend the Report to Council.
Supporting documents:
- Budget Monitoring - Period 4 19-20v2, 09/09/2019 Cabinet, item 26. PDF 538 KB
- App A General Fund Summary & Service Area Summaries P4 2019-20, 09/09/2019 Cabinet, item 26. PDF 135 KB
- App B CLT-Corporate P4 2019-20, 09/09/2019 Cabinet, item 26. PDF 18 KB
- App B Community, Economic Development & Coast P4 2019-20, 09/09/2019 Cabinet, item 26. PDF 77 KB
- App B Customer Services & ICT P4 2019-20, 09/09/2019 Cabinet, item 26. PDF 28 KB
- App B Environmental Health P4 2019-20, 09/09/2019 Cabinet, item 26. PDF 46 KB
- App B Finance & Assets P4 2019-20, 09/09/2019 Cabinet, item 26. PDF 66 KB
- App B Legal & Democratic Services P4 2019-20, 09/09/2019 Cabinet, item 26. PDF 17 KB
- App B Planning P4 2019-20, 09/09/2019 Cabinet, item 26. PDF 26 KB
- App B Service Area Summaries P4 2019-20, 09/09/2019 Cabinet, item 26. PDF 70 KB
- App D Saving Summary 2019-20 monitoring, 09/09/2019 Cabinet, item 26. PDF 211 KB
- Appendix C - Capital Programme 2019-20, 09/09/2019 Cabinet, item 26. PDF 200 KB