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 January 2016. (Key decision – reference number 4176)
(8.20 – 8.25 pm)
Councillor Doug Taylor (Leader of the Council) introduced the report of the Director of Finance, Resources and Customer Services (No.193) setting out the Council’s revenue budget monitoring position based on information to the end of January 2016.
1. James Rolfe (Director of Finance, Resources and Customer Services) drew Members’ attention to Table 2 in the report setting out the forecast outturn table, net controllable budget/spend. It was noted that a balanced budget was forecast for 2015/16. Members’ noted the significant work that would be required to manage the 2016/17 budget.
2. That the implications for the Council’s future budget planning, arising from the Government’s Budget announcements on 16 March 2016, were awaited.
Alternative Options Considered: Not applicable to this report.
DECISION: The Cabinet agreed
1. To note the balanced outturn which had been achieved by the use of one-off earmarked reserves and in-year savings.
2. That departments reporting pressures take management action to remain within budget in 2015/16 and minimise the use of reserves.
3. To note the proposed budget changes summarised in Table 2 of the report to address the overspend by the planned use of Reserves and Corporate Contingency.
4. To delegate to the Cabinet Member for Finance and Efficiency the ongoing review of the 2016/17 budget to ensure that timely action was taken if the pressures in 2016/17 continue to increase.
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 4176)