Issue - meetings

A report by the Interim Chief Finance Officer is circulated

Cllr Fleur de Rhe-Philipe, Cabinet Member for Finance, Performance and Risk presented a report which advised Cabinet of the revenue budget monitoring position as at 31 December 2010 for financial year 2010-11.

The figures projected an overspend of £1.117 million. This was a £1.162 million increase in the forecast position since the last monitoring report of (£0.045) million, mainly as a direct consequence of assumptions made by officers around the ICT service budget. Future revenue monitoring reports would highlight ongoing progress to achieve a balanced budget.

Cabinet noted the revised format of the report which they were generally in favour of.

Resolved:

To note the report showing a forecast overspend of £1.1 million relating to the exceptional activity on winter maintenance and the transitional costs associated with the IT service.

Reason for Decision

To enable Councillors to approve a continued corporate approach to managing the financial pressures and Government reductions.