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Quarter 3 Finance Management Report

Meeting: 19/02/2019 - Cabinet (Item 624)

624 QUARTER 3 FINANCIAL MANAGEMENT REPORT pdf icon PDF 856 KB

Report No. 10/2019

Minutes:

Report No.10/2019 was received from the Strategic Director for Resources.

 

Mr Brown, Portfolio Holder for Planning, Environment, Property and Finance introduced the report, the purpose of which was to inform Cabinet of the full year forecast position as at Quarter 3 for 2018/19 and to highlight issues that may impact on the Medium Term Financial Plan to enable them to maintain sound financial management of the Council’s operations.

 

During discussion the following points were noted:

 

·         Members were encouraged to see that the Council was forecasting a deficit of £8k compared to a budgeted deficit of £89k for Quarter 3. The Council was in overall terms £81k under budget, a reduction of £275k since Q2, and the Strategic Director for Resources and his finance team were commended for their management of this.

·         The overspend in waste management had been largely due to the cost of disposal of paint and other chemicals which had been costing £2k per tonne.

·         Recycling revenues had been adversely affected as the price for mixed paper and cardboard had fallen from £25 per tonne to £0.

·         Rutland was one of the best performing Councils in terms of the amount of waste going to landfill and was ahead of newly announced Government targets.

·         The Recruitment Applicant Tracking System, which included the cost of using an enhanced listing facility on Jobs Go Public, was being introduced to attract better quality candidates and to ensure applications were received more quickly

 

DECISION:

 

Cabinet;

 

1.    NOTED the 2018/19 revenue and capital outturn position as at Quarter 3

 

2.    APPROVED the use of £6k from the Training earmarked reserve for use on the implementation of the Recruitment Applicant Tracking System as detailed in Appendix A

 

3.    NOTED the proposed transfers from earmarked reserves as shown in the table in Appendix A, para 2.2.1 ( to be finalise and agreed in the 2018/19 outturn)

 

 

Reasons for the decision

 

1.    As the Council is required to make savings over the medium term, the Q3 position is positive, despite a number of significant variances.