Agenda item

Financial Performance Update 2018/2019 and Final Budget 2019/2020

To consider the report

Decision:

DECISION

The Board RESOLVED unanimously, having considered this report, to:

1.    note the summary financial performance to date as contained in this report, and how this will impact on the budgetary requirements for 2019/2020;

2.    agree to add any remaining vehicle lease budgets to the Recycle More earmarked reserve, towards the costs of delivering the project (paragraph 2.2 below);

3.    approved the waste disposal savings set out in paragraph 3.2 of this report;

4.    approved the attached Final Annual Budget for 2019/20 (totalling £46,243,485) as set out in Appendix 1;

5.    approved that the Managing Director negotiate any final requirements with the relevant contractors in accordance with this Annual Budget Report.

 

 

ALTERNATIVE OPTIONS CONSIDERED

As set out in the officer report.

 

REASON FOR DECISION

As set out in the officer report.

Minutes:

The Chair invited Sarah Rose, Finance Officer to introduce the report which provided details of the financial performance against the approved Annual Budget for the first 9 months of the current financial year from April to the end December (with January updates where available) and how this has impacted on the forward budget for 2019/20.

 

There was a brief discussion and it was noted that Budget for 2018/2019 had originally been set at £45,145,256 and the Board had subsequently agreed several in-year budget reductions and a drawdown from earmarked reserves on the disposal budget. In addition, subsequently the Board had agreed the extension to the Viridor contract which it was envisaged would bring savings from 2018/2019 onwards. Updates were noted on waste collection and waste disposal figures and the Recycle More project funding and it was confirmed that following those decisions, the 2018/2019 the Waste Board budget now stood at £44,445,260.

 

The Board then considered the Annual budget for 2019/2020 and it was explained that all partners had reviewed and agreed their budget requirements. Attention turned to Appendix 1 of the report that detailed line by line budget requirements for each partner and the report provided an overview of how the final figures for collection and disposal had been reached.

     

The Chair moved the recommendations.

 

The Board RESOLVED unanimously to:

1.    note the summary financial performance to date as contained in this report, and how this will impact on the budgetary requirements for 2019/2020;

2.    agree to add any remaining vehicle lease budgets to the Recycle More earmarked reserve, towards the costs of delivering the project (paragraph 2.2 below);

3.    approved the waste disposal savings set out in paragraph 3.2 of this report;

4.    approved the attached Final Annual Budget for 2019/20 (totalling £46,243,485) as set out in Appendix 1;

5.    approved that the Managing Director negotiate any final requirements with the relevant contractors in accordance with this Annual Budget Report.

 

 

ALTERNATIVE OPTIONS CONSIDERED: As set out in the officer report.

 

REASON FOR DECISION: As set out in the officer report and as discussed at the meeting.

Supporting documents: