Issue - meetings

Report by Michael Hudson, Service Director - Finance.

Cllr Dick Tonge presented a report which advised Cabinet of the revenue budget monitoring position as at the end of Period 5 (end of August 2013) for the financial year 2013/2014 with suggested actions as appropriate.

The projected year end position for the relevant accounts was reported as set out as follows:

As usual Finance officers and budget managers were monitoring budgets and taking appropriate action as necessary. It was noted that the spend on Children’s Social Care was forecast to be £1.9 million above the original allocated budget.  However the potential risk of this occurring had been included in the risk assessment of the General Fund Reserves presented to Council in February 2013 and £1.4 million was therefore set aside within the General Fund Reserve to meet this requirement.  It was proposed that this element of the Reserve is released.

Resolved:

That Cabinet note the outcome of the period 5 (end of August) budget monitoring, and approve the transfer of £1.4 million from General Fund Reserves to Children’s Social Care.

Reason for decision

To inform effective decision making and ensure a sound financial control environment.