73 BCa/17/35 - Financial Monitoring 2017/2018 - Quarter Two PDF 363 KB
Decision:
It was RESOLVED: -
1.1 The potential or likely variations in relation to the General Fund, Housing Revenue Account and Capital Programme compared to the Budget be noted.
1.2 That, subject to any further budget variations that arise during the rest of the financial year, the following net transfers of £831k be noted.
a) The balance of the General Fund surplus of £258k referred to in section 11.8 of the report be transferred to the Transformation Fund;
b) Transfer of £102k, being the favourable variance for the Materials Recycling Facility (MRF) to a new earmarked Waste reserve, referred to in section 11.8 of the report;
c) Transfer of £89k, being the favourable variance for Homelessness to the earmarked grants reserve, referred to in section 11.8 of the report;
d) Transfer of £45k, being the favourable variance for Planning legal costs to the earmarked reserve, referred to in section 11.8 of the report;
e) Transfer of £337k, being the 2016/17 surplus on the Business Rates Collection Fund to the Business Rates Equalisation reserve, referred to in section 11.8 of the report.
Reason for Decisions: To ensure that Members were kept informed of the current budgetary position for both the General Fund and HRA.
Alternative Options Considered and Rejected: That the current budgetary position for the General Fund and the HRA was not reported.
Any Declarations of Interest declared: None
Any Dispensation Granted: None
Minutes:
Councillor Patrick, the Cabinet Member with responsibility for Finance, introduced report BCa/17/35 and moved the recommendation which was seconded by Councillor Ward.
Members noted the document was still “work in progress” whilst moving through the financial year and gave thanks to the finance team.
Overview and Scrutiny had been monitoring at BMBS property services and improvements implemented. Regular meetings were now being held and the Assistant Director for Housing would bring to Cabinets’ attention when something was amiss.
In response to a question on the Transformation Fund, the Cabinet Member for Finance, with assistance from the Chief Executive explained this did not make monies unusable and funds could be moved but it recognised the different cost pressures.
By an unanimous vote.
It was RESOLVED: -
(1) The potential or likely variations in relation to the General Fund, Housing Revenue Account and Capital Programme compared to the Budget be noted.
(2) That, subject to any further budget variations that arise during the rest of the financial year, the following net transfers of £831k be noted.
a) The balance of the General Fund surplus of £258k referred to in section 11.8 of the report be transferred to the Transformation Fund;
b) Transfer of £102k, being the favourable variance for the Materials Recycling Facility (MRF) to a new earmarked Waste reserve, referred to in section 11.8 of the report;
c) Transfer of £89k, being the favourable variance for Homelessness to the earmarked grants reserve, referred to in section 11.8 of the report;
d) Transfer of £45k, being the favourable variance for Planning legal costs to the earmarked reserve, referred to in section 11.8 of the report;
e) Transfer of £337k, being the 2016/17 surplus on the Business Rates Collection Fund to the Business Rates Equalisation reserve, referred to in section 11.8 of the report.
Reason for Decisions: To ensure that Members were kept informed of the current budgetary position for both the General Fund and HRA.