Agenda item

This report presents the financial monitoring information for the Authority as a whole for the financial year 2015/16 to the end of July 2015.

The Cabinet are asked to agrees that:

a) Strategic Directors should continue to work towards managing within budget in the current year for their respective service areas, and to manage below budget where possible by not committing unnecessary expenditure, through tight budgetary control.

b) This year’s revenue budget position is noted.

c) The capital expenditure position for the Council in the financial year to the end of July and the year-end projections are noted.

d) The revenue virements listed for approval are agreed.

f) The changes in the capital programme are noted.

Councillor Dine Romero made an ad hoc statement by expressing a few concerns.  Councillor Romero asked the following: would the Cabinet be committed to Phase 1 of the Grand Parade and Undercross scheme; reasons for dropping Phase 2 of the scheme; and, what has happened to Phases 3 and 4.

Councillor Charles Gerrish said that this report monitors how the Council has performed against the financial targets set in February 2015 through the Budget setting process. The Budget Management Scheme requires that the Cabinet consider the revenue and capital monitoring position four times per year.  The Council was still committed to Phase 1 of the Grand Parade and Undercross scheme and they were awaiting a revised planning application.  There were no detailed schemes for Phase 2 and it would be inappropriate to allocate capital at this stage.  For Phases 3 and 4 – there were no capital provisions in previous budgets.

Councillor Charles Gerrish moved the recommendations.

Councillor Michael Evans seconded the proposals by saying that the revenue budget for 2015/16 includes delivery of £9.7m of savings.  Councillor Evans also said that Strategic Directors would work to manage their budgets within the overall allocations approved by the Council, which would also include the development of specific mitigating actions as the financial year progresses. 

RESOLVED (unanimously) that:

1)  Strategic Directors should continue to work towards managing within budget in the current year for their respective service areas, and to manage below budget where possible by not committing unnecessary expenditure, through tight budgetary control.

2)  This year’s revenue budget position is noted.

3)  The capital expenditure position for the Council in the financial year to the end of July and the year-end projections are noted.

4)  The revenue virements listed for approval are agreed.

5)  The changes in the capital programme are noted.