Councillor Emberson / Director of Resources

This report sets out the projected revenue and capital outturn positions for 2019/20 for the General Fund and the Housing Revenue Accounts as at the end of June 2019 (Quarter 1), and the performance for the first quarter against the measures of success published in the Council’s Corporate Plan.

The Director of Resources submitted a report setting out the projected revenue and capital outturn positions for 2019/20 for both the General Fund and the Housing Revenue Accounts as at the end of June 2019 (Quarter 1), as well as performance for the first quarter against the measures of success published in the Council’s Corporate Plan.  The following appendices were attached to the report:

•        Appendix 1 – Financial Monitoring for Quarter 1

•        Appendix 2 – Performance Monitoring for Quarter 1

The report explained that the forecast outturn showed a projected underspend on General Fund Budgets as at the end of period 3 (June 2019) of £2.154m, with weighted risks of £1.990m; if all the weighted risks and opportunities materialised then the projected underspend would decrease to £0.164m.  The Housing Revenue Account was forecasting a breakeven position at the end of June 2019.

The report set out key budget variances in the Capital Programme, which included the expectation that originally budgeted expenditure on Homes for Reading would not be incurred, following the agreement of a revised business model which envisaged no further acquisitions, and an underspend on the acquisition of commercial investment property.  The forecast outturn on the Capital Programme as at 30 June 2019 was a projected underspend of £106.4m for the General Fund and a projected underspend of £3.3m for the Housing Revenue Account.

The full suite of thirty nine Corporate Plan measures were set out in Appendix 2 attached to the report, with a summary of progress against the targets. As at the end of June 2019, 16 measures were Green, 11 measures were Amber and 10 measures were Red.

Resolved –

That the Policy Committee note:

a)       the forecast General Fund revenue outturn position as at the end of June 2019 of a net underspend of £2.154m with weighted risks of £1.990m;

b)       the forecast outturn position on the Housing Revenue Account as at the end of June 2019 projected to be on budget;

c)       the forecast outturn on the Capital Programme as at 30 June 2019 of a projected underspend of £106.4m for the General Fund and a projected underspend of £3.3m for the Housing Revenue Account;

d)       the performance achieved against the Corporate Plan success measures, as set out in the report and Appendix 2.