Issue - meetings

To note the level of revenue expenditure for the period April to September 2016.

The Committee received the Revenue Monitoring Report providing the net revenue spend figures to the end of September 2016.

The Principal Accountant advised that the forecast outturn at net expenditure level was £7.250m against the revised budget of £14.890m; a projected favourable variance of £7.640m The Committee noted that after taking into account the use of carry forwards, interest earnings and repayments the net position was approximately £3.968m favourable variance.

The Principal Accountant explained the reason for this dramatic change of position was a result of purchasing the BP site in Sunbury and receiving the net rental income from the end of September 2016 onward. The net surplus generated from this would be set aside to build the initial basis of a reserve to fund potential refitting (not repairs – which are covered by the lease being full repairing) costs at the end of the initial 20 year lease period.

Resolved to note the current net revenue spend and forecast position.

Cllr Williams

To note the current Revenue spend position.

Cabinet considered a report on revenue expenditure covering the period to July 2016 and the forecast position.

RESOLVED that Cabinet notes the current level of revenue spend.