Agenda item

To consider the level of spending against the Council’s Revenue and Capital budgets for the first 8 months to November 2014.

Mr Thompson, Director of Resources presented the Financial Performance Monitoring Report as at Period 8.  He reported on an improving pattern in relation to the variance in the budget forecast since it was initially reported in May and outlined the main reasons for this.  He advised Members that the forecast outturn overspend as at period 8 was £988,000 which although a significant amount, it was less material when considered within the context of the gross revenue budget of approximately £5 million or the Net Requirement of £141 million.  Further progress on reducing the overspend had been made in period 9 and although it was not anticipated that the financial year end target of £6 million working balances would be achieved it was predicted that it would be closer to this figure.

The Committee was informed of the main areas that accounted for the overspend in period 8.  These areas included Children’s Services which was mainly attributed to the planned reduction in the number of Looked After Children not being met and car parking where a strategy was being developed to improve accessibility and ease of payment for car parks. 

Mr Thompson confirmed that a review to verify the recharge figures for concessionary fares was underway as they appeared to be higher than anticipated but the overall impact of the concessionary fares would not be known until the review had been completed.

Responding to a request from the Committee, Mr Thompson agreed to request a detailed report on Parking Services be presented to the Committee at a future meeting.  He also agreed to provide information to Members on the percentage of business rates that were paid in full at the beginning of the year rather than in instalments throughout the year.  Mr Thompson advised that the impact of the entitlement of Business Rate payers to elect to pay by 12 monthly instalments instead of over 10 months would be known be fully known until the end of March 2015.

Responding to concerns relating to the delay in the demolition of the Syndicate building, Mr Thompson reported that he understood that the issue regarding the telephone mast had now been resolved.  However, the remaining issue regarding the relocation of the electricity substation was taking longer than originally anticipated.

The Committee agreed to note the report and to receive a detailed report from Parking Services at a future meeting.

Background papers:  None