Agenda item

(a)  That the write offs and virements contained within sections 10 and 11 of the report be approved.

(b)  That the current financial forecast position, balanced scorecard and update on Gold projects be noted.

The Assistant Director, Finance & Audit introduced a report which provided Cabinet with the latest forecast performance and financial information up to the second quarter of 2014-15 and sought approval for the virements and write-off requests during the period.

An overspend of £0.76m was forecast as at month 6, which was significantly lower than the £1.5m forecast at month 5.  The trend mirrored the previous year and further mitigating action was underway to bring the forecast back into line with budget towards the end of the year.  It was projected that 80% of the capital budget for 2014-15 would be spent which would be an improvement on the previous year.  Commissioners discussed a number of aspects of financial performance, and in particular the level of confidence in delivering the recovery plan for in-year Adult Social Care pressures.  The Assistant Director responded that the forecast savings in the recovery plan were being closely monitored and Officers were optimistic that they would be achieved.

Members welcomed the additional income from Business Rates (£1.67m) and Council Tax (£0.23m) in 2014-15 although it was noted that due to local government accounting arrangements this would not be of direct benefit to the Council’s budget position until the next financial year.  The Cabinet were also updated on the positive performance of the Treasury Management Strategy which had contributed circa  £1m to the savings for the current year.

The Cabinet also noted the performance data as set out in the Balanced Scorecard and Gold Project updates, and approved the write-offs as detailed in section 10 of the report and the virements in section 11.

Resolved –

(a)  That the write offs and virements contained within sections 10 and 11 of the report be approved.

(b)  That the current financial forecast position, balanced scorecard and update on Gold projects be noted.