Agenda item

This report presents the financial monitoring information for the Authority as a whole for the financial year 2016/17 to the end of September 2016.

Councillor Andrew Furse addressed the Cabinet by expressing his concerns in overspend at some services within the Council, in particular in Children Services, Support Services and Community Services.

Councillor Charles Gerrish said that the report was presented as part of the reporting of financial management and budgetary control required by the Council.  The report had presented the financial monitoring information for the Authority as a whole for the financial year 2016/17 to the end of September 2016. The report had highlighted any significant areas of forecast over and under spends in revenue budgets, and the Council’s current revenue financial position for the 2016/17 financial year to the end of September 2016 by Cabinet Portfolio. The current forecast outturn position was for an overspend of £941,000 which equates to 0.30% of gross budgeted spend (excluding Schools).  Strategic Directors would work to manage their budgets within the overall allocations approved by the Council, and this would include the development of appropriate mitigating actions as the financial year progresses.

Councillor Charles Gerrish moved the recommendations.

Councillor Paul Myers seconded the motion by welcoming that the forecast outturn position had included the requirement for the delivery of £12.644m savings as part of the approved budget for 2016/17, a significant element of which had been confirmed as delivered.  The Council's financial position, along with its financial management arrangements and controls, were fundamental to continuing to plan and provide services in a managed way, particularly in light of the medium term financial challenge.  Close monitoring of the financial situation had provided information on new risks and pressures in service areas, and appropriate management actions were then identified and agreed to manage and mitigate those risks.

RESOLVED (unanimously) that the Cabinet agreed:

1)  Strategic Directors should continue to work towards managing within budget in the current year for their respective service areas and develop an action plan of how this will be achieved, including not committing any unnecessary expenditure and stringent 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 September and the year end projections are noted.

4)  The revenue virements listed for approval are agreed, and those listed for information are noted.

5)  The capital virements listed for approval are agreed, and those listed for information are noted.