Issue - meetings

Report by Carolyn Godfrey, Corporate Director

Cabinet member, Cllr Dick Tonge presented a report which advised members of the revenue budget monitoring position as at the end of Period 4 (end of July 2014) for the financial year 2014/2015 with suggested actions as appropriate.

The forecasts suggested a £1.770 million overspend if no further action was taken. This was 0.5% of the Council’s net budget. The purpose of budget

monitoring was to identify such risks in order to allow management to address issues.

Action was currently being assessed to identify areas where savings could be made. An updated position would be reported in the next budget monitoring report to Cabinet in December.  It was forecast that a balanced budget would be achieved by 31 March 2015.  The Housing Revenue Account (HRA) was forecast to be underspent by £0.5 million. The year-end general fund reserves balance was projected to be £10.965 million.  This was in line with the council’s financial plan and recommendations by the Section

151 Officer.

Cllr Tonge guided members through the report and the detailed financial information and together with Michael Hudson, Associate Director for Finance responded to members’ questions.

Resolved:

That Cabinet note the outcome of the period 4 (end of July 2014) budget

monitoring, and approve the transfer of £3.2 million to Learning Disabilities from repayment to General Fund Reserves.

Reason for decision

To inform effective decision making and ensure a sound financial control

environment.