Agenda item

Report byDr Carlton Brand,Corporate Director

Councillor Philip Whitehead presented the report which advised members of the revenue and capital budget monitoring position as at the end of period 9 (end of December 2017) for the financial year 2017/2018 with suggested actions as appropriate; and informed Cabinet on the position of the 2017/2018 capital programme, as at Period 9 (31 December 2017), including highlighting budget changes.

Matters highlighted in the course of the presentation and discussion included: That the projected overspend had reduced from £4m and would be £2m, if no action were to be taken; but that with the actions to be undertaken, the projection was for a balanced budget by the end of the year; and how areas are identified that require action to be taken to address overspends.

In response to a question raised by Councillor Gordon King, Michael Hudson, the Director of Finance, stated that system would be improved by the 1^st of April to improve the process reconciling information between the SAP and manual adjustments for invoices.

At the conclusion of the debate, the Cabinet;

Resolved

1.    To note the outcome of the period 9 (end of December) budget monitoring and to approve all budget amendments outlined in the report.

2.    To note the budget movements undertaken to the capital programme shown in appendices E and F and to also note the reprogramming of the capital £13.909 million between 2017/2018 and 2018/2019.

Reason for Decision:

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

To inform Cabinet of the position of the 2017/2018 capital programme as at Period 9 (31 December 2017), including highlighting any budget changes.