Issue - meetings

To receive a report of the Deputy Leader & Cabinet Member for Finance and Procurement providing for consideration the monitoring position for both the revenue and capital budget, for Quarter 1 of 2014-15 and seeking agreement to various amendments to the Capital Programme.

FinancialMonitoring Report- Quarter1

(Item5 –Report oftheCabinetMemberfor FinanceandProcurement,Mr John

SimmondsOBE and CorporateDirector forFinanceand Procurement,AndyWood)

Cabinetreceiveda reportsetting outthe budgetmonitoringposition forJune2014 and seeking agreementto necessaryre-alignmentsandamendments to the Revenue and CapitalBudgets respectively.

MissCarey,Deputy CabinetMemberfor Financeand Procurementintroducedthe itemforCabinet.In particularshe referred to the following:

Revenue Budget

      i.        Thatalthoughit wasnot unusualtoreportan overspendat thispoint inthe financialyear, thecurrentforecastwas causefor someconcern.  Evenafter deductionspredictedformanagementactionwork wouldstill beneededifa balancedbudget wereto be reportedat the end of thefinancial year.

    ii.        Thatin 2013-14the Councilhadbeenableto recordanunderspendwhich was allocatedto the2014-15budgetand thatthis wasunlikely tobe possible in2014-15as thecumulativeeffectofsavings imposedby budgetcuts was beingrealised.

   iii.        Thecurrent forecastoverspend,beforemanagementaction,was £12.4milion.  It was expected,butnotassured,that followingscheduledmanagement action the overspendwould bereducedto £5.3million.  Thiswas unacceptableand further management actionwould beneededin ordertoreducethatfigure further.

   iv.        Themain areasofoverspend reportedwere currentlywithin Adult SocialCare and  ...  view the full minutes text for item 77