The report provided the Finance and Resources Committee with an update of the Council’s revenue and capital position for the half year ending 30 September 2014, projected to the year end. 

Members were reminded that the Council began the current year with a General Fund (GF) balance of £4.5m. 

The projected outturn for the GF was a potential surplus of £90k compared to an original estimate of £81k surplus.  After taking account of this projected surplus and the £1.2m earmarked for the William Hunter Way project the projected year end GF working balance was £3.4m. 

The Housing Revenue Account (HRA) was projecting a potential deficit of £19k compared to an original estimate of £86k surplus.  This gave a projected HRA working balance of £1.6m. The HRA was a ring-fenced account and could not make or receive contributions to/from the GF.

The projected capital spend at 30 September 2014 stood at £6.7m for 2014/15 compared to an original budget of £11.1m. Capital budgets could not contribute to the GF revenue position although officers ensured that all appropriate capitalisations occurred.

Cllr Aspinell MOVED and Cllr Lloyd SECONDED  the recommendations in the report and after a full discussion a vote was taken on a show of hands and it was RESOLVED that Members:

1.  Note the projected half year outturn position for 2014/15 of the Council’s GF revenue budget at 30 September 2014, as detailed in paragraph 4 of the report;

2.  Note the half year position for the HRA at 30 September 2014, as detailed in paragraph 5 and of the report; and

3.  Note the projected half year outturn position for 2014/15 of the Council’s capital budget as at 30 September 2014, as detailed in paragraph 6 of the report.