Issue - meetings

Purpose

To inform the Cabinet Member and Opposition Spokespersons of:

·           The forecast revenue expenditure for the year compared with the cash limited budget; and;

·           The forecast capital expenditure against the revised capital programme for the Culture portfolio.

Sue Page, Finance Manager, presented the report.  She highlighted that the forecast revenue out turn for the year indicated that there would be a net overspend of £58k against the approved budget.  This would be addressed by the portfolio reserves in the first instance.  On the capital side, there was an underspend of £17k.

In the ensuing discussion the following points were made:

·           That the libraries overspend had been resolved.

·           The overspend on the golf courses was weather dependant.

·           action would be taken to prevent overspending in the future and regular updates would help ensure a return to a cash neutral position. 

·           The museum overspend was as a result of the success of the D Day Museum. The Valuation Office had increased the NNDR liability as a result of the increased income generation potential for the site.

The Cabinet Member noted the information report.