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Financial Monitoring Report 2017-18 - September 2017
Meeting: 13/11/2017 - Cabinet (Item 5)
5 Financial Monitoring Report 2017-18 - September 2017 
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Decision:
RESOLVED:
1. That financial reporting data relating to revenue budgetary control, showing a forecast net overspend at year end of £1.6million, 0.3% of the gross budget be noted.
2. That Cabinet and Council approve the following adjustments to the Capital Programme:
|
Scheme |
2017/18 Budget |
2018/19 Budget |
Funding/Re-profiling |
||
|
£ |
£ |
||||
|
Corporate Services |
|||||
|
Invest to Save schemes |
(1,710,000) |
1,710,000 |
Re-profiling in accordance with projected spend |
||
|
Children, Schools & Families |
|||||
|
Sherwood Schools Capital maintenance |
82,510 |
0 |
Essential H&S Works |
||
|
Cricket Green School Expansion |
272,070 |
5,028,000 |
Vired from Unlocated SEN |
||
|
Unlocated SEN |
(272,070) |
(5,028,000) |
Vired to Cricket Green |
||
|
Harris Academy Wimbledon |
(544,530) |
544,530 |
Re-profiling in accordance with projected spend |
||
|
Harris Academy Merton |
(70,120) |
0 |
Capital Budget will be utilised under the Better Care Fund |
||
|
Environment & Regeneration |
|||||
|
Industrial Estates |
(452,750) |
0 |
Budget relinquished as no plans to spend |
||
|
Morden Leisure Centre |
(1,255,830) |
1,255,830 |
Slippage to 18/19 in line with current build programme. |
||
|
Total |
(3,950,720) |
3,510,360 |
|||
3. That in respect of capital expenditure incurred before 1 April 2008, Cabinet recommends to the Council that the Minimum Revenue Provision Policy be revised to read:
“For capital expenditure incurred before 1 April 2008 or by Supported Capital Expenditure, the MRP policy will be the equal annual reduction of 2% of the outstanding debt at 1 April 2017 for the subsequent 50 years”
The remainder of the MRP Policy Statement will remain as approved by Council on 1 March 2017.
Minutes:
The Cabinet Member for Finance introduced the report, noting the low overspend and the efforts to reduce the overspend further; and noting that the report was also due to be considered by the Financial Monitoring Task Group.
RESOLVED:
1. That financial reporting data relating to revenue budgetary control, showing a forecast net overspend at year end of £1.6million, 0.3% of the gross budget be noted.
2. That Cabinet and Council approve the following adjustments to the Capital Programme:
|
Scheme |
2017/18 Budget |
2018/19 Budget |
Funding/Re-profiling |
||
|
£ |
£ |
||||
|
Corporate Services |
|||||
|
Invest to Save schemes |
(1,710,000) |
1,710,000 |
Re-profiling in accordance with projected spend |
||
|
Children, Schools & Families |
|||||
|
Sherwood Schools Capital maintenance |
82,510 |
0 |
Essential H&S Works |
||
|
Cricket Green School Expansion |
272,070 |
5,028,000 |
Vired from Unlocated SEN |
||
|
Unlocated SEN |
(272,070) |
(5,028,000) |
Vired to Cricket Green |
||
|
Harris Academy Wimbledon |
(544,530) |
544,530 |
Re-profiling in accordance with projected spend |
||
|
Harris Academy Merton |
(70,120) |
0 |
Capital Budget will be utilised under the Better Care Fund |
||
|
Environment & Regeneration |
|||||
|
Industrial Estates |
(452,750) |
0 |
Budget relinquished as no plans to spend |
||
|
Morden Leisure Centre |
(1,255,830) |
1,255,830 |
Slippage to 18/19 in line with current build programme. |
||
|
Total |
(3,950,720) |
3,510,360 |
|||
3. That in respect of capital expenditure incurred before 1 April 2008, Cabinet recommends to the Council that the Minimum Revenue Provision Policy be revised to read:
“For capital expenditure incurred before 1 April 2008 or by Supported Capital Expenditure, the MRP policy will be the equal annual reduction of 2% of the outstanding debt at 1 April 2017 for the subsequent 50 years”
The remainder of the MRP Policy Statement will remain as approved by Council on 1 March 2017.