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.
Additional documents:
Minutes:
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.