Issue - items at meetings - KD 4369 January 2017 - Revenue Monitoring Report

Issue - meetings

KD 4369 January 2017 - Revenue Monitoring Report

Meeting: 15/03/2017 - Cabinet (Item 6)

6 Revenue Monitoring Report 2016/17: January 2017 pdf icon PDF 1 MB

A report from the Executive Director of Finance, Resources and Customer Services is attached. (Key decision – reference number 4369)

(Report No.216)

(8.20 – 8.25 pm)

Minutes:

Councillor Dino Lemonides (Cabinet Member for Finance and Efficiency) introduced the report of the Executive Director of Finance, Resources and Customer Services (No.216) setting out the Council’s revenue budget monitoring position based on information to the end of January 2017.

 

NOTED

 

1.               That there had been a reduction of £0.7m in the overspend revenue outturn projection from that last reported to Cabinet in December 2016, this was a significant improvement. Cabinet Members and Executive Directors were taking determined action to address continuing areas of financial pressures, as set out in detail in the report.

 

2.               That through mitigating action set out in the report, efforts were being made to reach as close as possible to a balanced budget at the end of the financial year. Any remaining overspend at the year-end would be met from a contribution from the council’s general balances; it was intended to keep this as low as possible and to replenish in subsequent years.

 

3.               That the monitoring report outlined the prudent financial approach of the Council and detailed the mitigating actions being taken, and the resulting improvements which had been achieved to date.

 

Alternative Options Considered: Not applicable to this report.

 

DECISION: The Cabinet agreed to note:

 

1.               The £5.4m overspend revenue outturn projection. This position was a reduction of £0.7m from that last reported to Cabinet in December 2016.

 

2.               That Cabinet Members would continue to work with Executive Directors to implement action plans to reduce the forecast overspend in 2016/17.

 

3.               The mitigating actions proposed to date by Executive Directors of overspending departments as set out in Appendix A to the report.

 

Reason: To ensure that Members were aware of the projected budgetary position, 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 4369)