Issue - meetings

A report from the Director of Finance, Resources and Customer Services is attached. This sets out the Council’s revenue budget monitoring position based on information to the end of September 2013. It also provides an update on the progress made to date in balancing the Medium Term Financial Plan as well as the plans for budget consultation. (Key decision – reference numbers 3758/3760)

                    (Report No.112)

(8.20 – 8.25 pm)

Councillor Andrew Stafford (Cabinet Member for Finance and Property) introduced the report of the Director of Finance, Resources and Customer Services (No.112) setting out the Council’s revenue budget monitoring position based on information to the end of September 2013.

NOTED

1.               That the report updated Cabinet on the progress made to date in balancing the Medium Term Financial Plan as well as the plans for budget consultation;

2.               That Table 2 of the report set out the forecast outturn table, net controllable budget/projected outturn. Section 5 of the report detailed the departmental monitoring information in relation to budget pressures and projected savings.

3.               The current position with regard to the achievement of savings in 2013/14 as set out in section 8 of the report. 95% of savings were classified as blue or green (on course for full achievement) and Appendix 1 to the report provided supporting information for the amber/red savings.

4.               The current position and projected future funding levels and savings required as set out in section 10 of the report. Significant savings were projected over the next four years.

5.               That the latest monitoring report confirmed that there had been no deterioration in the financial position of the Authority.

Alternative Options Considered: Not applicable to this report.

DECISION: The Cabinet agreed to

1.               Note the £0.769m overspend revenue outturn projection.

2.               Direct departments reporting pressures to formulate and implement action plans to ensure that they remain within budget in 2013/14.

3.               Note the progress made to date in the preparation of the 2014/15 budget.

4.               Delegate responsibility for determining the manner of informing and consulting with Scrutiny Panels on the 2014/15 Budget to the Cabinet Member for Finance and Property in consultation with the Director of Finance, Resources and Customer Services.

5.               Agree the new savings proposals for 2014-15 set out in Appendix 2 to the report.

Reason: To ensure that Members were aware of the projected budgetary position for the Authority for the current and future years including all major budget pressures and underspends which had contributed to the present monthly position and that were likely to affect the Council’s finances over the period of the Medium Term Financial Plan. The recommendations if approved would allow the Authority to move forward with the development of the 2014-15 budget and Medium Term Financial Plan.

(Key decision – reference number 3758/3760)