Agenda item

Financial Performance Quarter 2 2013-14 (Agenda item 8)

Report of Ellen Jolly, Executive Member for Finance & Democratic Services.

Minutes:

The Chairman presented the report which provided information on the forecast  financial position at the end of the current financial year based on budgetary control work at the mid year point which covered revenue, capital and treasury management activities.

 

Breckland Council was continuing to deliver revenue savings, many of which were on-going and have been factored into the budgets figures in future years.

 

The efficiency savings for 2013-14 to date was £960,663 against a target of £456,820 (see page 19 of the report).  This represented 210% of the total, in other words, Breckland Council’s efficiencies, its savings, were twice that of which was originally forecast.  This was something that Members and Officers should be justifiably proud of, and something that the press should be delighted to report.

 

Retained business rates was currently forecasting above budget income, with Breckland’s share being around £263k in the current year.  However, this performance was subject to a number of external factors and risks, therefore, these figures should be treated with caution as backdated appeals could have a devastating impact on this funding stream.

 

The Assistant Director of Finance highlighted a number of key areas within the report.

 

The Opposition Leader wanted to know why the housing benefit subsidy figure was so high and asked what this money could be spent on.  Members were informed that this was an additional grant received for processing benefit claims accurately.  He also asked a question in relation to the New Homes Bonus and highlighted how this money was being spent by another Council and wanted to know if Breckland Council planned to do the same.  The Chairman reminded Members that this particular Council charged a great deal more than Breckland for its Council Tax.  It was felt that this question related to the next agenda item (agenda item 9) and would be answered accordingly during that debate.  The Executive Member for Internal Services pointed out that the monies received for the exemplary performance of the Anglia Revenues Partnership had been put into the Communities Reserve.

 

Option 1

 

To note the report and approve the virements detailed within Table 4 of Section 1 of the appendix and recommend to Full Council that the additional housing benefit subsidy income of £112,320 be vired to efficiencies and approve the capital budget carry-overs of £6,147,562 to 2014-15 as detailed in Section 2 of the appendix.

 

Option 2

 

To note the report and not approve the virements detailed within Table 4 of Section 1 of the appendix and not make the recommendation to Full Council and not approve the capital budget carry-overs in Section 2 of the appendix

 

Reasons

 

To provide timely information to Members on the overall finances of the Council, and to make the best use of resources available.

 

1.            RESOLVED that:

 

a)           the report and appendix be noted;

b)           the virements as detailed in Table 4 of Section 1 of the appendix be approved; and

c)            the Capital Budget carry-overs of £6,147,562 to 2014-15 as detailed in section 2 of the appendix be approved.

 

2.      RECOMMEND to Council that the additional housing benefit subsidy income of £112,320 be vired to efficiencies.

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