5 September 2012 - East Devon District Council

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1.3 These variations will have the following overall effect on the Council’s General Fund Balance. £ £ General Fund Balance 01/04/12 Less: Planned use of general fund balance in setting (5,536,000) the budget 178,600 Transfer 11/12 surplus to Capital Reserve 1,147,870 Available General fund balance 2012/13 (4,209,530) Predicted net over /(underspend) to year end 40,000 Supplementary Estimates: * Investors in People (Cabinet 2/5/12) 1,400 Equalities objectives (Cabinet 4/4/12) Multimedia post £42.5k pro rated 5mths 20,000 (Cabinet 2/5/12) Communications Apprentice - 6mths from 17,730 appointment Sept 2012(Cabinet 13/6/12) 2,500 Population profiling tool (Cabinet 2/5/12) 5,000 Residents’ Survey (Cabinet 2/5/12) 6,500 Predicted General Fund Balance 31/03/13 53,130 (4,116,400) * EDDC has committed to match fund contributions received towards the Axminster Flood scheme to a maximum of £10,000. This predicted balance of £4.116m is £2.597m above the Council’s adopted level for the General Fund Balance of £1.519m. The Council has agreed to maintain a higher balance than the adopted level at this present time because of the many financial uncertainties and risks facing the Council. 2.4 An analysis of the main income streams is shown below: Annual Budget £000 Variation at Month 4 £000 Predicted Outturn Variation £000 Car Park charges (2,549) 129 129 Planning fees (1,084) (69) (100) Building Control fees (545) 36 50 Local Land Charges (210) 0 0 42
2.5 Summary of Other Reserves: Transformation Reserve Asset Management Plan Reserve Asset Maintenance Reserve Balance B/f £000 Spend to date £000 Income to date £000 Estimated additional Spend/(Income) £000 Predicted Balance C/f £000 (1,434) 434 (1,000) (188) 188 0 (1,358) 62 138 (1,158) 2.6 The Council has agreed in principle to consider a “Devon Pool” under the proposed business rate retention scheme due to commence in April 2013. Calculations suggest that there would be a financial advantage to the Council being in a “Pool” as this would mean the current levy on growth (expected to be 76%), would fall to zero. There are risks to being in a Pool and members will be presented with the details for consideration before any decisions are taken. Initial calculations suggest that additional sums likely to be received through this initiative will not be as significant as first envisaged due to the methodology of the proposals. 3. Housing Revenue Account Position up to Month 4. 3.1 The following table shows the original budget set for the year and a total of variations identified which are likely to affect the budget to give a predicted budget requirement for the year. £ £ Budget surplus (set 22/02/12) (1,733,760) Month 4 predicted net overspend to year end (491,000) Predicted Budget Requirement (491,000) (£2,224,760) A summary of the predicted over and under spends to the year end is shown below: Additional revenue contribution to capital due to slippage in the capital programme from 2011/12 re River Otter flood protection scheme Reduction in interest payable on the self financing debt due to favourable interest rates on 26 March 2012 Additional Community Development Worker agreed at HRB 21/06/12 for 6 months in 2012/13 43 Variation at Month 4 £000 70 Predicted Outturn Variation £000 265 0 (747) 0 14
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