Issue - meetings

To receive the Budget Monitoring report for Quarter 3 2018/19.

RESOLVED to approve the outturn forecast and the updated reserves position in relation to the General Fund, Housing Revenue Account, Capital Programme and Treasury Management.

The Portfolio Holder for Finance and Administration summarised the report detailing financial performance relating to the General Fund, Housing Revenue Account (HRA), Capital Programme and Treasury Management for quarter 3 of 2018/19.

The following points were highlighted:

·         The General Fund forecasted an £858,000 underspend due to a reduced requirement for capital financing in year and increased Business Rates income.

·         The HRA forecasted an overall budget deficit of £132,000.

·         The Capital Programme forecasted an actual underspend of £243,000.

In response to a Cabinet member’s question relating to the Council’s commercial subsidiary, Aspire, the Portfolio Holder for Finance and Administration said the investment at Chesterford Research Park had contributed significantly to the Council’s income, and the return was higher than forecasts had projected. He said Council expenditure could not be maintained without the additional income generated by the investment.

RESOLVED to approve the outturn forecast and the updated reserves position in relation to the General Fund, Housing Revenue Account, Capital Programme and Treasury Management.