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Quarterly Financial Monitoring Report 2014/2015

This report provides comparative information on the Council’s revenue and capital expenditure for the three months ended 30 June 2014. 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 2014/15	Budget to 30 Jun 14	Actual to 30 Jun 14	Variation
	£000s	£000s	£000s	£000s
Service Budgets	13,027	7,303	6,721	-582
Non-Service Budgets	-3,511	-431	-454	-23
Net	9,516	6,872	6,267	-605

The main variations in spending to 30 June 2014 are within cost of employment (-£61,566 and housing benefits (-£271,009). Vacancies are the main reason behind the under spend on the cost of employment. Housing benefit payments are under the budget although this will be revised during the financial year.

Capital Programme	Budget 2014/15	Budget to 30 Jun 14	Actual to 30 Jun 14	Variation
	£000s	£000s	£000s	£000s
General Fund	19,091	1,647	392	-1,255
HRA	10,409	1,807	717	-1,090
Total	29,500	3,454	1,109	-2,345

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.

Decision type: Non-key

Decision status: Recommendations Approved

: Finance Strategy;

Decision due: 1 Sep 2014 by Executive

Lead member: Executive Member for Policy & Resources

Lead director: Director of Finance & Resources

Contact: Caroline Hancock Email: chancock@fareham.gov.uk, Neil Wood Email: nwood@fareham.gov.uk.