Decision details

CAB 43/17 

Revenue Budget Monitor

Options Considered/Reasons for Decision

The Leader presented the report, which provided an early indication of the revenue financial forecast position and the issues affecting financial management during 2017/18. The report projected a small overspend, but this was in the context of some significant pressures.  The issues highlighted in the report had already been discussed in detail at the previous Cabinet meeting, under the 16/17 outturn report.  The Leader reiterated that the administration of the Council remained committed to strong financial management, and promoting the message that everybody, at all levels of the organisation, was responsible for good budgetary control.  This message would continue to be cascaded through the organisation in the preparations for the 2018/19, including a meeting that had already been set up with Head Teachers to discuss the position and approach within schools.

The Assistant head of Finance took Members through some of the technical details in the report before the decisions were taken.

Decision:

1.    To note the overall budget forecast position and the key assumptions and issues which underpin and impact on the Council’s financial forecast position.

2.    To agree to instruct all areas of the Council to maintain robust financial management and bring forward planned underspending wherever possible to mitigate against the current position.

3.    To note the level of undelivered savings within each directorate and the risks associated with this.

4.    To note the forecast movements in reserves.

5.    To agree to allocate £100k of the revenue contingency budget to a new, specific reserve, for 2018 events.

6.    To note the projected balances of individual schools over the next two years and that a specific budget seminar for schools will be organised for schools in September to discuss and agree a way forward to the current position.

Consultation

Strategic Directors, Head of Finance, Heads of Service, Budget Holders, Accountancy Staff.

Implemented By:   Cabinet Members, Head of Finance, Senior Leadership Team and Corporate Management Team