62 Report of the Head of Finance and Resources - Second Quarter Budget Monitoring 2015-16 PDF 66 KB
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Decision:
That the revenue budget position as at September 2015, the predicted outturn to 31 March 2016 and the actions being taken to control the potential adverse variance be noted.
Minutes:
The Head of Finance and Resources, Paul Riley, introduced the report detailing the financial analysis of the Committee’s services in the second quarter of 2015/16. The Committee was informed that there had been improvement on the first quarter, but the Museum continued to present an underlying problem.
In response to questions it was explained that:
· Large exhibitions at the Museum could be lucrative but were risky to put on due expense and spatial restrictions. The Brick City exhibit – featuring famous structures crafted using lego - had provided cross-generational appeal and had been sponsored. This would not be achievable with all exhibitions.
· The Museum shop had a projected outturn of -£23,430.00. Should this reach -£30,000.00 it would become a significant concern, at which point the issue would come back to the Committee.
RESOLVED:
That the revenue budget position as at September 2015, the predicted outturn to 31 March 2016 and the actions being taken to control the potential adverse variance be noted.
For – 9 Against – 0 Abstain – 0