A report from the Executive Director of Finance, Resources and Customer Services is attached. (Key decision – reference number 4545)
(8.25 – 8.30 pm)
Councillor Dino Lemonides (Cabinet Member for Finance and Efficiency) introduced the report of the Executive Director of Finance, Resources and Customer Services (No.63) setting out the Council’s revenue budget monitoring position based on information to the end of August 2017.
1. That the report forecast an outturn position of £5.6m overspend for 2017/18. This represented an adverse movement in reported forecast of £0.5m as compared to the position reported on in July.
2. The departmental monitoring information, budget pressures and mitigating actions as set out in the report. If there was still a variance at the year-end it would need to be met from a contribution from the council’s general balances, though it was intended to keep this as low as possible which would be replenished in subsequent years (paragraph 4.4 of the report referred). A prudent approach was being taken.
Alternative Options Considered: Not applicable to this report.
DECISION: The Cabinet agreed to note:
1. The £5.6m overspend revenue outturn projection.
2. That Cabinet Members would continue to work with Executive Directors to implement action plans to reduce the forecast overspend in 2017/18.
3. The mitigating actions proposed to date by Executive Directors of overspending departments as set out in Appendix A of 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 4545)