Issue - meetings
Revenue Monitoring 2017/18 Quarter 3
Meeting: 19/02/2018 - Cabinet (Item 80)
80 Revenue Monitoring 2017/18 Quarter 3 
PDF 336 KB
Minutes:
|
|
Councillor Janette Williamson (Cabinet Member for Finance and Income Generation) said:
“The Council continues to plan and manage its budget in a sustainable, responsible and robust fashion. There are enormous demands on our services and we must ensure we can be flexible to react to changing circumstances.
“We continue to look for opportunities to make best use of the resources available, ensuring they are well managed, used to deliver best value for Wirral residents, and enable us to deliver our 20 Pledges.” |
Councillor Janette Williamson introduced a report that set out the projected revenue position for 2017/18 as at the end of Quarter 3 (31 December 2017).
Councillor Williamson highlighted that the latest forecast which was an underspend of £1.3 million for 2017/18. This was an improvement on the Quarter 2 forecast overspend of £1.2 million, primarily the result of the approval by Council on the 11 December 2017 of the Treasury Management Mid-Year report that recommended a change in the Minimum Revenue Provision (MRP) Policy for assets funded from supported capital. By adopting an asset life annuity approach the in-year reduction of MRP charges would be realised in 2017/18.
This was a key decision which affected all Wards in the Borough.
RESOLVED: That:
(1) The Quarter 3 forecast year-end underspend of £1.3 million, which incorporated a £4.5 million adverse variance relating to Children’s Services and related legal costs, and the projected General Fund Balances of £14.1 million at 31 March 2018, be noted; and
(2) Officers continue to identify actions and measures to effectively manage the overall budget and reduce the impact of any adverse projected overspends.