A report from the Director of Finance, Resources and Customer Services will be circulated as soon as possible. This sets out the Council’s revenue budget monitoring position based on information to the end of September 2014. (Key decision – reference number 3950)
(8.20 – 8.25 pm)
Councillor Andrew Stafford (Cabinet Member for Finance) 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 2014.
1. The new savings proposals for 2015-16 as detailed in Appendix D of the report.
2. That Schools and Children’s Services were currently projecting a pressure of £1.842m as set out in section 5.5 and Appendix A5 of the report.
3. The detailed achievement of savings and the savings monitor set out in section 8 and table 3 of the report.
4. The level of savings required over the next four years as set out in the Council’s Medium Term Financial Plan. The budget position following the initial savings review as detailed in section 10.7 of the report. 2015/16 was currently showing a budget gap of £7.8m but this might change if new pressures or opportunities were identified including any changes to the illustrative Local Government Finance Settlement 2015/16 provided so far by the Government.
5. That Appendix E to the report set out the Enfield 2017 savings agreed by the Cabinet at its meeting on 30 October 2014.
Alternative Options Considered: Not applicable to this report.
DECISION: The Cabinet agreed
1. To note the £2.5m overspend revenue outturn projection.
2. To note that specific work was in hand to identify mitigating actions for the projected overspends within Schools and Children’s Services and Finance, Resources and Customer Services.
3. To note the progress made to date in the preparation of the 2015/16 budget.
4. The new savings proposals for 2015-16 set out in Appendix D of 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 would allow the Authority to move forward with the development for the 2015-16 budget and Medium Term Financial Plan.
(Key decision – reference number 3950)