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Decision details

Quarterly Financial Monitoring Report 2012/13

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Decision Maker: Executive

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

This report provides comparative information on the Council’s revenue and capital expenditure for the nine months ended 31 December 2012. Members are invited to consider the financial performance in the quarter, and any corrective action that may be deemed appropriate.

This report provides summary information on the overall spending position against the revenue and capital budgets in the current year, as set out in the following tables:-

Revenue	Budget 2012/13	Budget to 31 Dec 12	Actual to 31 Dec 12	Variation
	£000s	£000s	£000s	£000s
Service Budgets	13,254	23,334	22,167	-1,167
Non-Service Budgets	-2,795	-1,163	-1,116	47
Net	10,459	22,171	21,051	-1,120

The main variations in spending to 31 December 2012 are within cost of employment (-£326,001) and housing benefit payments (-£516,847). Vacancies are the main reason behind the under spend on the cost of employment. Housing benefit payments are under budget although it is expected this will be closer to the budgeted position by the end of the financial year.

Capital Programme	Budget 2012/13	Budget to 31 Dec 12	Actual to 31 Dec 12	Variation
	£000s	£000s	£000s	£000s
General Fund	8,893	3,611	3,336	-275
HRA	2,843	1,620	1,311	-309
Total	11,736	5,231	4,647	-584

Revenue and capital spending plans are showing an under spend for the period. While there are no areas of immediate concern, it is appropriate to monitor financial performance over the final quarter to ensure that any slippage does not adversely affect the services provided to residents and customers. Commentary on the most significant variations is set out in the in the briefing paper accompanying the report.