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 February 2015. (Key decision – reference number 3953)
(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.215) setting out the Council’s revenue budget monitoring position based on information to the end of February 2015.
1. Members’ attention was drawn to Table 2 in the report outlining the forecast outturn table. The departmental monitoring information indicated that all departments were projecting a level outturn position with the exception of Schools and Children’s Services forecasting a £1.95m overspend which was due to demand led pressures, as detailed in the report.
2. The progress on the achievement of savings as detailed in section 8 of the report.
3. The key risks set out in section 13 of the report.
4. The Treasury Management position detailed in section 6 and Appendix B of the report. The average interest rates for both investments and borrowing were noted.
5. That the report provided clear evidence of sound financial management and efficient use of resources.
Alternative Options Considered: Not applicable to this report.
DECISION: The Cabinet agreed to note the £1.95m overspend revenue outturn projection.
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.
(Key decision – reference number 3953)