Issue - meetings

To consider a report by Councillor Julian Thompson-Hill, Lead Member for Finance and Assets (copy enclosed) detailing the latest financial position and progress against the agreed budget strategy.

RESOLVED that Cabinet –

(a)       note the progress against the agreed budget strategy, and

(b)       approve the following transfer to reserves as detailed in Section 6 of the report – £23k to the Planning reserve in respect of fees received in the current year but that relate to expenditure in 2014/15.

Councillor Julian Thompson-Hill presented the report detailing the latest financial position and progress against the agreed budget strategy.  He provided a summary of the Council’s financial position as follows –

·        an under spend of £1.412m was forecast across service and corporate budgets

·        91% of agreed savings had been achieved to date (target £3.061m)

·        highlighted key variances from budgets or savings targets relating to individual service areas

·        a positive movement of £398k on school balances brought forward from 2012/13

·        a general update on the Capital Plan and Housing Revenue Account.

Cabinet was also asked to approve a transfer of £23k to the Planning reserve.

Councillor Eryl Williams referred to his request at Full Council that a letter be sent to Assembly Members asking them to lobby for a change to the Housing Revenue Account finance system to ensure local authorities who had achieved the Welsh Housing Quality Standard were not penalised with regard to the amounts they were able to invest in the future.  He asked that the letter be sent as soon as possible and that he be provided with a copy.

Members noted the underlying financial position was good and congratulated departments on their achievements.

RESOLVED that Cabinet –

(a)       note the progress against the agreed budget strategy, and

(b)       approve the following transfer to reserves as detailed in Section 6 of the report – £23k to the Planning reserve in respect of fees received in the current year but that relate to expenditure in 2014/15.