Agenda item

The Executive received the second quarter monitoring report against the 2015/16 approved budget, which provided an update on the Revenue, Treasury and Capital budget position as at 30 September 2015 and an early view for the financial year.

Overall services expect to be £250,000 under budget at the end of the year due to £50,000 underspend on the Business portfolio; £280,000 underspend on Community portfolio; and £174,000 additional income in Corporate property.  This would be offset by the £250,000 savings target included within the original budget,

Interest on investments was on track to exceed the expected income provided for in the 2015/16 budget.

It was estimated that there would be an underspend of £77k on wages and salaries at the end of the year based on expenditure to date.

The total capital programme for the year was £19.773m.  Of this, £17.289m had been spent during the year so far, mainly on property acquisition with other sums being spent on air conditioning, computer software, car parks and disabled facilities grants. 

Sundry debts as at 30 September totalled £606k; a small reduction against the £627k outstanding last quarter.  Of the total debts due, £218k related to one invoice for Surrey County Council for recycling credits due in year. The second largest element, £80k, related to invoices for temporary housing costs.

At the end of the second quarter Housing Benefit debts was £643k which was an increase of £33k compared to the last quarter. Although £57k had been recovered, a further £139k had been raised in invoices for new overpayments generated by fraud investigation or claimant information.

Resolved to note the Revenue, Treasury and Capital Position for the first half of 2015/16.