Meeting documents
Cabinet
Wednesday, 2nd March, 2005
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Bath & North East Somerset Council |
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MEETING: |
Council Executive |
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DATE: |
2 March 2005 |
PAPER NUMBER |
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TITLE: |
Revenue Budget Monitoring Report |
EXECUTIVE FORWARD PLAN REFERENCE: |
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EWP |
00714 |
FI |
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WARD: |
All |
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List of attachments to this report: Please list the appendices here, clearly indicating any which are exempt Appendix 1:
Revenue Monitoring
Commentary |
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1 THE ISSUE
1.1 This report presents the third monitoring information for the Authority as a whole for the financial year 2004/05 to the end of December 2004. The report also includes a number of budget transfer requests that require Council Executive agreement or are reported for information purposes as prescribed by the Budget Management Scheme.
2 RECOMMENDATION
The Council Executive is asked to agree that:
2.1 the expenditure and income position for the Council in the financial year to the end of December and the year end projections detailed in Appendix 2 of this report are noted.
2.2 the virements listed in Appendix 3 are approved.
3 FINANCIAL IMPLICATIONS
3.1 The financial implications are contained within the body of the report.
4 THE REPORT
4.1 The Budget Management Scheme requires that the Council Executive consider the revenue monitoring position on a quarterly basis.
4.2 Where overspent, services are expected to seek compensating savings to try and bring budgets back to balance. The Budget Management Scheme states that if overspending occurs it must be recovered.
4.3 Appendix 2 outlines the Council's current financial position for the 2004/05 financial year to the end of December 2004 by portfolio. The Appendix shows that there will be a projected year-end overspend of £173,000.
4.4 Significant areas of over and under spend are highlighted in Appendix 1, and further explanations of the reasons for over and under spends in the current year are provided within the notes to Appendix 2.
VIREMENT REQUESTS 2004/05
4.5 Budget transfers requiring Council Executive approval are listed in Appendix 3 together with an explanation of why the transfer is necessary.
4.6 Appendix 4 indicates the effect upon service and portfolio cash limits if these proposals are approved.
5 RISK MANAGEMENT
A risk assessment related to the issue and recommendations has been undertaken, in compliance with the Council's decision making risk management guidance.
6 RATIONALE
6.1 This report is presented as part of the reporting of financial management and budgetary control required by the Council.
7 OTHER OPTIONS CONSIDERED
7.1 None
8 CONSULTATION
8.1 Consultation has been carried out with Executive councillor, Trades unions, Other B&NES Services, Section 151 Finance Officer, Chief Executive and the Monitoring Officer.
9 REASONS FOR URGENCY
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Contact person |
Gary Adams - 01225 477107 |
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Background papers |
Budget Management Scheme |