Agenda item

BUDGET MONITORING REPORT 2019/20 - PERIOD 6

Summary:

 

 

 

Options considered:

This report summarises the budget monitoring position for the revenue account and capital programme to the end of September 2019.

 

Not applicable.

 

Conclusions:

 

The overall position at the end of September 2019 shows an £710,908 underspend for the current financial year on the revenue account, this is currently expected to deliver a full year overspend of £41,115.

 

Recommendations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reasons for

Recommendations:

It is recommended that:

 

1)    Cabinet note the contents of the report and the current budget monitoring position;

2)    Cabinet agree to the release of £68,000 from the Asset Management Reserve to fund the Asset Valuation Programme;

3)    Cabinet approve the Capital project funding in section 6.2 or recommend approval to Full Council where appropriate

 

 

To update Members on the current budget monitoring position for the Council.

 

 

LIST OF BACKGROUND PAPERS AS REQUIRED BY LAW

(Papers relied on the write the report and which do not contain exempt information)

 

System budget monitoring reports

 

 

Cabinet Member(s)

Cllr Eric Seward

 

Ward(s) affected

All

Contact Officer, telephone number and email:

Duncan Ellis,

01263 516330,

Duncan.ellis@north-norfolk.gov.uk

 

Minutes:

Cllr E Seward – Portfolio Holder for Finance introduced the report, and sought to clarify that South Norfolk District Council (SNDC) remained, at the time of the meeting, a member of the Norfolk Business Rates Pool (BRP).

 

Questions and Discussion

 

Members were informed that SNDC’s inclusion in the BRP had been brought into doubt after the NHS had publically challenged their obligation to pay business rates, with a decision on the outcome expected in February 2020. Whilst it was expected that both sides would appeal the decision if ruled out of favour, the Council’s position was that it would remain in the BRP until further notice, and accept its share of the liability if the case against the NHS was lost. It was confirmed that the Council did have a business rates reserve of £2.3m, to cover the compensation of £0.5m for smaller hospitals in the district and approximately £1m for the Norfolk and Norwich University Hospital, should the case be lost. Members were reminded that this was a national issue, and that all Council’s had to hold these reserves until the case was decided.

 

Cllr E Seward informed Members that a request for match-funding required for the North Walsham Heritage Action Zone Project would go to the next meeting of Council.

 

On the financial provision for the purchase of waste contract vehicles outlined in the report, Cllr E Seward stated that it was cheaper for the Council to buy the vehicles itself, and doing so would also provide additional security to the continuation of the service if the contractor were to go into administration.

 

Cllr G Mancini-Boyle asked if there were any other known business rates appeals underway, and whether they would be backdated. The HF&AM replied that there was an appeal underway for ATMs, but noted that there was a delay in the check challenge appeal process. He added that the Council would appeal the decision if the outcome was particularly unfavourable.

 

Cllr T Adams asked if an estimate was available for the financial impact of the December General Election. The HF&AM replied that the election would be funded by Central Government, though the Council would have to cover the costs in the short-term.

 

RESOLVED

 

To commend the Report to Council.

Supporting documents: