Cabinet
06 February 2012
Overview and Scrutiny
15 February 2012
Agenda Item No______7_______
BUDGET MONITORING 2011/12 – PERIOD 9
Summary:
Conclusions:
Recommendations:
This report presents the budget monitoring position for the revenue
account and capital programme to the end of period 9 (31 December
2011) and also includes a review of the current capital programme.
The position at the end of December 2011 is showing a small
projected underspend of £1,004. The overall position will continue to
be monitored over the remaining periods of the current financial year.
It is recommended that:
1) Cabinet note the contents of the report and the revenue account
forecast for the current financial year;
2) That Cabinet note the current position in relation to the 2011/12
capital programme and approve the additional funding for the
emergency works to the roof of the Mundesley public conveniences.
Cabinet member(s):
Ward(s) affected:
All
All
Duncan Ellis, Acting Financial Services Manager, 01263
516330, Duncan.Ellis@north-norfolk.gov.uk
Contact Officer, telephone number,
and e-mail:
1.
Introduction
1.1
This report compares the actual expenditure and income position at the end of
December 2011 to the revised budget for 2011/12 as reported to Cabinet on 28
November and approved by Full Council on 14 December.
1.1.
There will be a final budget monitoring report for the current financial year for the
position as at the end of Period 10 (January 2012). This will be reported to Cabinet and
Overview and Scrutiny in March. The overall position will continue to be monitored to
ensure that the revised budget remains achievable and where necessary and applicable
any actions are taken to achieve this.
1.2.
A revised capital programme for the period 2011/12 to 2014/15 is included within the
2012/13 Budget Report which is also on this agenda (appendix F). The latest budget
monitoring for schemes within the current capital programme is included in this budget
monitoring report at section 7.
1.4
The budget monitoring position at the end of period 6 (September) was reported to
Cabinet on 31 October, this report now provides the latest updated position on both
revenue and capital.
Cabinet
06 February 2012
Overview and Scrutiny
15 February 2012
2.
Background
2.1
Budget monitoring is carried out on a monthly basis with service managers and those
officers with budget responsibility. The detail within this report highlights the more
significant variances against the profiled budget to date along with those which are
expected to have a year end variance and also where applicable to recommend action to
be taken to ensure that the overall budget remains achievable.
2.2
As outlined at 1.1 the budget has been revised during the year and was approved by Full
Council in December. The revision of the budget part way through the year allows for the
individual budgets to be updated to take account of the latest position and also to reflect
variances previously reported and allows for proactive measures to be taken where
necessary to maintain a balanced budget position for the year.
3.
Budget Monitoring Position – Revenue Services
3.1
The general fund summary (Appendix H) shows the overall high level position at the end
of period 9 and is currently showing a year to date variance of (£931,677). Further
details on each of the service areas are included within Appendix I.
3.2
The following tables provide details for each of the service areas, the more significant
variances along with those which are anticipated to have a full year effect. Some
services that are predicting a full year underspend have made a request to carry
underspend forward to the new financial year. All requests to carry forward year end
underspends will be considered as part of the final accounts process, once the overall
financial position for the year is known.
Community
Development Management – As part of the
original base budget additional income was
predicted to be generated from a new local fee
setting scheme which was anticipated to start
during 2011/12. This was in part adjusted for at
Revised budget but now looks unlikely to
happen in the near future. This variance has
been reflected within the savings table below
within section 4 below.
Planning Policy – the current underspend
relates to a delay in respect of professional fees
(£7,972) for work on the Community
Infrastructure Levy (CIL) report and viability
assessment which will now be commissioned in
April. This is anticipated to result in a full year
effect and £15,000 and will be requested as a
carry-forward as part of the year end process.
Landscape – this underspend relates to the
North Norfolk Biodiversity Strategy (£10,000)
which has not been undertaken and expenditure
Over/(Under)
spending to
date
£
31,155
(6,552)
(25,453)
Estimated
full year
effect
Performance
Indicator at
Period 9
where
applicable
£
60,000 1,129
applications
have been
received to P9
in the current
year compared
with 1,077 for
the same
period in
2010/11
(15,000)
(10,000)
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06 February 2012
Overview and Scrutiny
15 February 2012
to be funded by an Area Based Grant (£15,000)
which has not yet been incurred. It is likely that
this budget will need to be carried forward to
2012/13 if the expenditure is not incurred in this
financial year.
Building Control & Access – officer mileage
claims are currently (£5,576) lower than
anticipated but this has been offset by an
unfavorable year to date variance of £17,975 in
relation to fee income as building activity
continues to be slow because of the recession
and a full year effect of £30,000 is anticipated at
the year end.
Local Land Charges – there is only a minor
variance against the current year to date budget
but it is anticipated that there will be a full year
effect relating to fee charges due to Norfolk
County Council for search information relating to
transport and highways issues.
Sub Total Community
Environment
Environmental Protection – this underspend is
made up of a number of minor variances, the
most significant being (£4,600) income relating
to works in default and fixed penalty notices
which is expected to result in a full year effect.
Parks & Open Spaces – this service is currently
showing an underspend of (£38,587). Of this
(£12,807) relates to lower than anticipated
expenditure on grounds maintenance. Tree
works and landscaping works are due to be
undertaken before the year end. A commuted
sum of (£32,500) has been received for
maintenance in respect of land at Aylsham
Road, North Walsham which had not previously
been budgeted for and this will be transferred to
the Grassed Area Deposits reserve at the end of
the year.
Sports Centres – the variance to date reflects
lower than anticipated income from sports halls
compared to the year to date budget, although
this is not expected to have any full year effect
at present.
Leisure Complexes – the majority of this
variance (£13,383) relates to repairs and
maintenance savings at the Splash leisure
11,440
30,000
3,847
4,000
14,437
69,000
Over/(Under)
spending to
date
Estimated
full year
effect
£
(7,935)
£
(4,000)
(38,587)
(32,500)
6,608
0
(12,329)
(10,000)
Performance
Indicator at
Period 9
where
applicable
Dual use and
sports hall
usage April to
December
Actual 406,395
Target
374,775
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15 February 2012
centre. This is anticipated to result in a full year
saving of £10,000.
Pier pavilion – the variance showing of (£5,092)
relates mainly to savings for repairs and
maintenance at the pavilion theatre and an
anticipated full year saving of £5,000 is
expected.
Foreshore Community – this variance has
arisen due to maintenance costs being higher
than expected by £6,431, and receiving £3,750
less than the anticipated contribution budget for
the lifeguards at East Runton. This is expected
to have a full year effect of £4,000.
Waste Collection and Disposal – The overall
position at the end of period 9 shows a minor
underspend due to lower than anticipated
expenditure relating to collection and disposal
costs for clinical and hazardous household
waste (£2,695) and reduced postage costs
connected to garden waste (£3,261). Fee
income is also up by (£9,831) against the
profiled year to date budget, and overall a full
year effect of (£4,400) is forecast.
Cleansing – this underspend relates to staffing
costs (£5,913) which are to be retained to
undertake additional work before the year end,
and additional income from dog and litter bin
recharges of (£1,144) which is expected to have
a minor full year effect.
Sub Total Environment
Information
Member Services – the variance relates to
savings on Members travel, subsistence and
allowances (£9,856) and savings on computer
hardware purchases (£2,900). These variances
are expected to produce a full year saving.
Legal Services – the current underspend
relates to training days (£5,773) and licenses
(£4,347) for the new case management system
which have yet to be invoiced and (£4,199) of
income received earlier than anticipated.
Media and Communications – there is
currently a variance of (£31,560) showing
against this budget heading. This relates to
copier lease rentals being lower than anticipated
following the start of the new contract (£6,851),
savings on paper costs (£3,377), professional
fees (£13,467) and graphics materials (£3,688).
(5,092)
(5,000)
11,768
4,000
(15,636)
(4,400)
(7,057)
(1,100)
(68,260)
(53,000)
Over/(Under)
spending to
date
Estimated
full year
effect
£
(11,315)
£
(15,000)
(16,631)
0
(31,560)
(7,000)
Recycling rate
for all
recyclables up
to the end of
August is
45.1% (based
on estimates
for disposal),
target 47.5%.
Performance
Indicator at
Period 9
where
applicable
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15 February 2012
However a virement has been approved under
Delegated Authority to transfer £20,000 from this
budget to help to establish a support fund of
£25,000 for the Cromer Crab factory within
Economic Development, with the balance of the
funding to be found from within this service area.
The net FYE is therefore a saving of (£7,000).
Customer Services, Corporate – The reason
for the underspend to date is due partly to lower
than anticipated mileage allowances (£3,414),
and additional postage recharges (£8,757) and
other minor variances. At present no full year
effects have been anticipated.
Sub Total – Information
Resources
Car Parking – income compared with the year
to date budget is up by (£17,011) but repairs
and maintenance costs are currently £9,046
overspent with a further £10,000 of outstanding
commitments. It is recommended that this
£19,000 overspend is offset by the reduced
repairs and maintenance requirements and
reduced contract costs from the markets budget
below and hence no full year effect is expected.
Markets – the underspend relates to reduced
expenditure on repairs and maintenance spend
(£1,125) and reduced contract costs (£14,778)
following the internalisation of car parks
management. No full year effect is at present
expected as the £19,000 overspend within the
car parks budget is to be offset by the
underspend within the markets budget. Income
has also been received earlier than anticipated
due to specific market promotions that are
currently being undertaken although this is
thought to be a timing issue compared to the
profiled budget rather than an actual increase in
income and is not expected at this stage to
result in any significant full year effect.
Personnel and Payroll Support Services – of
the underspend showing at present (£8,012)
relates to salaries and oncosts and (£30,106) to
the corporate training programme. No full year
effect is being forecast at present as some of
this budget may be required to cover additional
work over the next 2 months in relation to pay
and grading and the senior management
restructure.
(15,384)
0
(74,890)
(22,000)
Over/(Under)
spending to
date
Estimated
full year
effect
£
(9,128)
£
0
(38,984)
0
(42,356)
0
Performance
Indicator at
Period 9
where
applicable
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Overview and Scrutiny
15 February 2012
Corporate Finance – while there is only a very
small year to date variance an underspend in
relation to staffing and professional fees is
expected and will be the subject of a carry
forward request in order to support the additional
work that will be required to implement some of
the proposed changes to legislation in 2012/13.
Policy and Performance Management - the
majority of the current variance is due to
expenditure not yet incurred in relation to North
Norfolk Youth Voice (£9,736) and a number of
other minor variances. There has also been a
grant repayment received of £5,000 and overall
a full year effect of (£10,000) is anticipated.
Foreshore – the current underspend in this area
relates mainly to reduced repairs and
maintenance costs to date (£12,956) but there is
no full year effect anticipated at present.
Coast Protection – the underspend in this area
relates to sea defence works and associated
consultancy costs that have not yet been
undertaken. There are commitments of £29,155
in relation to the consultancy costs and at this
stage no full year effect is anticipated.
Pathfinder – any underspends in relation to the
Pathfinder grant monies at the end of the year
will be subject to carry-forward requests or held
within a reserve where scheme costs are
expected to continue beyond 2012/13.
Community Safety – the Council was due to
provide a contribution to Victory Housing Trust
towards the cost of the Anti Social Behavior
coordinators post. The appointment was
however made later than expected and has
resulted in an underspend of (£10,462). There
are further variances in relation to professional
fees (£5,095) and computer licenses (£2,628),
and a full year saving of (£10,197) is anticipated.
Corporate and Democratic Core – there is an
underspend currently showing for this service
area but the council is still due to receive an
invoice for £33,106 in relation to external audit
fees for 2010/11. A full year effect is also
expected due to additional work that was
required for the benefits grant certification work.
Corporate Leadership Team – following the
restructure of the former Corporate Management
Team a full year saving is anticipated due to the
changes relating to the post of the Chief
Executive officer. The costs for these changes
will be met from the Restructuring Proposals
reserve.
Sub Total Resources
1,151
(15,000)
(25,450)
(10,000)
(15,183)
0
(57,930)
0
(268,768)
0
(20,710)
(10,197)
(36,591)
10,000
(3,555)
(25,000)
(518,655)
(50,197)
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Overview and Scrutiny
15 February 2012
4.
Budget Monitoring Position – Savings and additional income 2011/12
4.1
As part of the budget setting process for 2011/12 a number of savings and additional
income streams were identified and recommended for approval within the report
presented to Cabinet on 14 February 2011. The following table provides details of the
amounts included within the 2011/12 base budget along with an updated forecast for the
current year. Where a variance is shown comments have been provided within section 3
above.
Table 1 – 2011/12 Savings and Additional Income
Service Area
2011/12
Base
Budget
£
35,707
10,000
8,587
4,000
21,337
8,400
10,115
47,240
55,000
10,544
40,000
77,254
56,284
68,800
105,000
558,268
2011/12 Variance
Updated
Forecast
£
£
35,707
0
10,000
0
8,587
0
4,000
0
21,337
0
8,400
0
10,115
0
47,240
0
55,000
0
10,544
0
40,000
0
77,254
0
56,284
0
68,800
0
105,000
0
558,268
0
Planning and Building Control
Conservation and Design
Land Charges
Regeneration Management
Housing Service
Environmental Health
Sports Centre
Media and Communications
Legal Services
Customer Services
Car Parking Management
Revenues and Benefits
Organisational Development
Financial Services and Internal Audit
Partnership and Community Engagement
Sub Total Savings
Additional Income/Grant:
Planning Fee Increase
50,000
0
50,000
New Homes Bonus
350,000
350,000
0
Homelessness Prevention Grant
120,470
120,470
0
Leisure Facilities Income
37,718
7,718
30,000
Car Parking
20,000
20,000
0
Sub Total Additional Income/Grant
578,188
498,188
80,000
Total Savings/ Income
1,136,456 1,056,456
80,000
(Note – All savings are shown gross. Any one off redundancy or severance costs
associated with delivering these savings will be met as one off costs from the
Restructuring Proposals reserve).
4.2
The majority of the planned savings are still on target for the current year, as detailed
within section 3 above there is expected to be a shortfall from planning fee income and
the income in relation to leisure facilities in the year as reported at period 6.
5.
Treasury Management Quarterly Report
5.1
Treasury Management in Local Government is governed by the CIPFA Code of Practice
which recommends that Members should be informed of Treasury Management
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15 February 2012
activities at least twice a year, but preferably quarterly. This report is in accordance with
the Code and summarises the investment transactions which have taken place in the
three months to December 2011.
5.2
The quarter has been dominated by the sovereign debt crisis in the Eurozone. Despite
several summits by heads of state, the problems remain unresolved, and the credit
rating agencies are becoming increasingly concerned at the lack of progress. Moody’s
rating agency is to review the ratings of all the European Union sovereigns in the first
quarter of 2012, and the Fitch agency has placed several sovereigns including Italy,
Belgium and Ireland on rating watch negative, implying a possible downgrade to their
rating, based on their view that a comprehensive solution to the crisis is technically and
politically beyond reach. Standard & Poor’s has now lowered the long-term ratings of 9
Eurozone sovereigns and affirmed the ratings of seven. The agency’s outlook for a
number of nations is negative and it said that Europe's austerity and budget discipline
alone were not sufficient to fight the debt crisis.
5.3
The headline inflation rate, Consumer Price Inflation (CPI), fell sharply to 4.2% in
December 2011 reflecting lower fuel and clothing prices. Unemployment rose to 2.63
million in October which was the highest level since August 1994 and youth
unemployment for those in the 16 to 24 age group rose above one million.
5.4
The UK economy grew by just 0.5% in the twelve months to September as domestic
demand was depressed by low wage growth, high inflation and the fiscal policy
measures taken by the coalition government to address the deficit and high level of debt.
5.5
The Bank of England’s Monetary Policy Committee (MPC) policy was driven by the
feeble growth outlook, rather than the upward trend in inflation, and the Bank Rate was
maintained at 0.5% throughout the quarter. The Committee decided at its October
meeting to increase the level of Quantitative Easing by £75bn due to the deterioration in
the economic outlook, the severe strains on banks in meeting their funding needs, and a
continued lack of supply of credit (this is the process where the Bank of England buys
assets from banks and other institutions to provide them with an injection of cash which
is then lent out in the wider economy).
5.6
Security of capital has remained the Council’s main investment objective. This has been
maintained by following the Council’s counterparty policy as set out in its Treasury
Management Strategy Statement for 2011/12. New investments can be made with the
following institutions;
•
•
•
•
•
•
5.7
Other Local Authorities;
AAA-rated Stable Net Asset Value Money Market Funds;
Deposits with UK Banks and Building Societies systemically important to the UK
banking system, and deposits with select non-UK Banks;
Debt Management Office;
Bonds issued by Multilateral Development Banks, such as the European
Investment Bank (EIB);
Pooled funds (collective investment schemes) meeting the criteria in SI 2004 No
534 and subsequent amendments.
Counterparty credit quality is assessed and monitored with reference to: Credit Ratings
(the Council’s minimum long-term counterparty rating of A- (or equivalent) across rating
agencies Fitch, S&P and Moody’s); credit default swaps; GDP of the country in which
the institution operates; the country’s net debt as a percentage of GDP; sovereign
support mechanisms /potential support from a well-resourced parent institution; and
share price.
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5.8
During the quarter the ratings of most of the UK banks, Nationwide Building Society and
non-UK banks were either downgraded or placed on review for possible downgrade. For
the UK banks, the downgrades largely reflected the reassessment by the agencies of the
extent of government support that would be forthcoming if they got into difficulties. For
Eurozone banks, the worsening sovereign debt crisis and poor growth outlook led to
pressure on sovereign ratings and consequently on bank ratings.
5.9
The downgrades resulted in the long-term rating of several UK institutions falling below
the Council’s minimum criteria of ‘A+’. The Council’s treasury advisor, Arlingclose, was
comfortable with investments up to one month in those institutions which had been
judged systemically important to the financial system and therefore likely to benefit from
government support should they get into difficulties. A reduction in the minimum credit
criteria to A- was approved by Full Council on 14 December 2011 and enabled
investments to be made in the specific institutions named by Arlingclose.
5.10
In response to the Eurozone crisis, Arlingclose advised the suspension of all European
Banks for new term deposits and call accounts but not to break any existing term
deposits with them.
5.11
In November 2011 CIPFA revised the Treasury Management Code of Practice and the
Code now recommends that Councils have regard to the ratings issued by the 3 main
agencies and to make their decisions based on all ratings (rather than on the basis of
the lowest rating as was recommended in the 2009 revisions of the Code). This will not
substantially affect the credit rating element (which is one of many considerations) of the
creditworthiness criteria through which the Council derives its lending list.
5.12
Table 2 below sets out investment activity for the quarter.
Table 2
Banks &
Building
Societies
Money
Market
Funds
Bonds
The Debt
Management
Office
5.13
Balance
Investments
30/09/2011
Made
£000s
£000s
16,00
4,560
Investments
Repaid
£000s
(8,000)
Balance
31/12/2011
£000s
12,560
Increase/
(Decrease)
£000s
(3,440)
4,200
18,990
(12,345)
10,845
6,645
6,500
0
0
6,535
(5,500)
(6,535)
1,000
0
(5,500)
0
26,700
30,085
(32,380)
24,405
(2,295)
The decision to sell the Council’s £4m of EIB bonds was taken in consultation with
Arlingclose in December 2011. It was felt appropriate to reduce the Council’s exposure
to the bank in response to the worsening economic and financial situation across the
Eurozone (member states provide guarantees to the EIB) and the possibility of a credit
rating downgrade by the rating agencies. The bonds were sold for £116,068 more than
the value of the bonds in the Council’s accounts. However due to accounting
requirements part of this gain needs to be placed into an earmarked reserve and will be
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released to the General Fund over the same period as the original life of the bond. The
gain allocated to 2011/12 is £31,575 while the gain for 2012/13 will be £84,493.
5.14
The revised budget for 2011/12 anticipated that £462,000 would be earned in interest
from an average balance of £26.2m at 1.77%. Following the sale of (EIB) bonds the
interest earned for the year is now estimated to be £521,800 from an average balance of
£26.0m at an average interest rate of 2.01%.This is £59,800 more than previously
anticipated, however this has been offset by the need to transfer the 2012/13 gain, and
results in an overall reduction in anticipated income of £24,693 due to the loss in interest
from switching to the higher rate bonds to current market rates.
Period 9 interest figure
Less: transfer of 12/13 gain to reserves
Net adjusted interest position
£521,800
(£ 84,493)
£437,307
Revised budget estimate
£462,000
Reduction in interest anticipated
5.15
£24,693
Credit Risk
Table 3 below shows the level of risk within the Council’s investment portfolio on both a
value weighted and time weighted base.
Table 3
Date
31/03/2011
30/06/2011
30/09/2011
31/12/2011
Value
Weighted
Average –
Credit Risk
Score
AA
AA
AA
AA
Value
Weighted
Average –
Credit Rating
3.19
3.24
2.74
3.23
Time
Weighted
Average –
Credit Risk
Score
AA+
AA
AA
AA
Time
Weighted
Average –
Credit Rating
1.88
2.69
2.96
3.47
Scoring:
Value weighted average reflects the credit quality of investments according to the size of
the deposit, time weighted average reflects the credit quality of investments according to
the maturity of the deposit.
AAA = highest credit quality = 1, D = lowest credit quality = 15, Aim = A- or higher credit
rating, with a score of 7 or lower, to reflect current investment approach with main focus
on security.
5.16
The Council can confirm that it complied with its Prudential Indicators for 2011/12 which
had been set at Full Council on 23 February 2011, the indicators for period 9 are
contained within the Prudential Indicator appendix which forms part of the Treasury
Management Strategy Statement report contained elsewhere on this agenda.
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6.
Budget Monitoring Position – Summary
6.1
The following table provides a summary of the full year projections for the four service
areas along with an updated use of reserves figure where applicable.
Service Area
Community
Estimated Full Year
Effect
£
69,000
Environment
(53,000)
Information
(22,000)
Resources
(50,197)
Service Variance Total
(55,197)
Contributions to/(from) Reserves:
General Fund Reserve
EIB Reserve
Other Reserves
Non Service Expenditure and Income
0
82,493
32,500
(59,800)
Total Impact
(1,004)
6.2
Overall the revenue position shows a small projected underspend of £1,004. All
requests to carry forward year end underspends will be considered as part of the final
accounts process, once the overall financial position for the year is known. The overall
position will continue to be monitored over the coming weeks leading up to the year-end.
7.
Budget Monitoring Position – Capital and Prudential Indicators
7.1
Members were provided with a copy of the revised capital programme as part of the
2011/12 Revised Budget report to Cabinet on the 28 November. Appendix F shows the
latest position for the updated programme, both for General Fund and the Coast
Protection, and provides details of spend up to period 9 along with comments on
individual schemes where applicable. This appendix forms part of the 2012/13 Base
Budget report that can be found elsewhere on this agenda.
7.2
No further slippage has at this stage been identified from the current financial year,
however Members are requested to approve an additional £15,000 against the Public
Convenience Improvements Budget. This budget is required in order to be able to
undertaken urgent repairs to the Public Convenience at Marina Road, Mundesley. The
roof on the public convenience has collapsed and as such there is now a requirement to
provide a replacement. The additional budget requirement of £15,000 is to be funded
from capital receipts.
7.3
Coast protection and coastal pathfinder projects are progressing. Updates on the
progress of the pathfinder capital projects are being reported to the Coastal
Management Board.
7.4
Capital Receipts - The updated capital programme for 2011/12 assumes that new
capital receipts of £85,000 will be generated in the year from the disposal of the public
convenience on the East Promenade in Sheringham. This disposal has now been
completed and the Council achieved a capital receipt of £104,000 in relation to the
disposal which is £19,000 higher than the original estimate. The Council has also now
received the gross income of £1.34m in relation to the disposal of Lockerbie flats and
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once this has been reduced by the relevant disposal costs this money can be used to
help finance the capital programme.
7.5
The position as regards capital receipts and financing requirements will continue to be
monitored for the remainder of the year to ensure that the current capital programme
remains affordable.
8.
Implications to the Council
8.1
The detail within section 3 of the report outlines the significant variances against the
profiled budget to the end of period 9 and also those anticipated to have a variance at
the year end. Overall the total of the projected service variances at the year end
highlights a small underspend of £1,004. Therefore the current forecast for the year
assumes that the revised budget remains achievable.
8.3
The overall budget will continue to be monitored by officers and reported to Members on
a regular basis.
9.
Recommendations
9.1
It is recommended that:
1) Cabinet note the contents of the report and the revenue account forecast for the
current financial year;
2) That Cabinet note the current position in relation to the 2011/12 capital programme
and approve the additional funding for the emergency works to the roof of the
Mundesley public conveniences.