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 August 2014. (Key decision – reference number 3949)

(Report No.80)

(8.30 – 8.35 pm)

Councillor Andrew Stafford (Cabinet Member for Finance) introduced the report of the Director of Finance, Resources and Customer Services (No.80) setting out the Council’s revenue budget monitoring position based on information to the end of August 2014.

NOTED

1.               The projected overspend detailed in recommendation 2.1 of the report and decision 1 below.

2.               The projected £733k underspend on the Housing Revenue Account as set out in section 7 of the report.

3.               The summary overview of financial performance outlined in table 1 of the report. The income and expenditure position was highlighted. The current forecast was an overspend of £2.4m. It was usual at this stage of the year for an overspend to be forecast section 4 of the report referred.

4.               The budget pressures faced by Schools and Children’s Services set out in section 5.5 and Appendix A5 of the report.

5.               The red and amber new savings set out in Appendix C of the report.

6.               That the report provided clear evidence of sound financial management and efficient use of resources.

7.               The treasury management position as at 31 August 2014, detailed in Appendix B of the report.

8.               The key risks and the risks associated with specific services as set out in the report.

9.               The level of savings achieved over the last four years and the significant level of savings required over the next four years due to the Government’s funding policies.

Alternative Options Considered: Not applicable to this report.

DECISION: The Cabinet agreed

1.               To note the £2.4m overspend revenue outturn projection.

2.               That departments reporting pressures should formulate and implement action plans to ensure that they remain within budget in 2014/15.

Reason: To ensure that Members were aware of the projected budgetary position for the Authority, including all major budget pressures and underspends which had contributed to the present monthly position and that were likely to affect the final outturn.

(Key decision – reference number 3949)