Agenda item

RESOLVED: that

1.            the potential outturn position based on the first nine months of the financial year be noted.

2.            the requirement for all directorates currently reporting overspends as identified in this report to put in place actions to reduce their projected overspends be reinforced.

3.            thevirement of the £250,000 contingency budget in the Capital Programme as well as bringing forward the indicative Capital Programme budgets for schools property asset renewal to meet the costs of additional compliance works in 2016/17 be approved.

The Cabinet received an update on the financial monitoring position for the authority based on the first nine months of the financial year.  It was reported that the revenue position shows a balanced positon against the budget, an improvement on the month 6 position.  It was noted that the overall budget position continues to reflect financial pressures and shortfalls against budget savings targets in directorates.  These are partly offset by projected savings in capital financing and insurance costs, release of contingency budgets (previously earmarked for voluntary severance), an anticipated surplus on Council Tax collection and non-domestic rate refunds on Council properties.

RESOLVED: that

1.            the potential outturn position based on the first nine months of the financial year be noted.

2.            the requirement for all directorates currently reporting overspends as identified in this report to put in place actions to reduce their projected overspends be reinforced.

3.            thevirement of the £250,000 contingency budget in the Capital Programme as well as bringing forward the indicative Capital Programme budgets for schools property asset renewal to meet the costs of additional compliance works in 2016/17 be approved.