Agenda item

To consider the position of the Council Finances as at the 30th June 2016.

The Executive received a report on the position of the Council’s finances as at 30 June 2016, representing the first quarter of 2016/17.

Members were advised that, at the end of the first quarter, expenditure on wages was under budget but was underachieving against the vacancy margin, which was being monitored.

It was reported that £264,000 had been spent on capital projects that quarter, with notable spending of £162,000 on disabled facilities grants, £34,000 on computer software and £50,000 on property development. All expenditure was within budget.

Members noted that, due to low interest rates, it continued to be difficult to increase returns on the Council’s treasury investments. The Council was, however, on track to achieve its budgeted investment income for the year.

Sundry debts at 30 June 2016 amounted to £664,000, which compared with £622,000 for the same period the previous year, However, £224,000 of these debts related to community alarms and parking season tickets, which were invoiced at the start of the year and consequently appeared as debts but were paid by instalments throughout the year. The balance of Housing Benefit Debts was £636,000 at 30 June 2016.

RESOLVED to note the Revenue, Treasury and Capital Position as at 30th June 2016.