Minutes:
The Interim Assistant Director, Finance and Audit, Mr Fitzgerald, provided the Committee with a verbal update on the Financial Budget Monitoring. A £1.6 million revenue overspend was projected which was primarily due to existing pressures in Adult Social Care and under performance in income generated by the Assets Policy. There had been a significant underspend in the capital expenditure and this was due to be reported to a meeting of the Executive in December 2016. It was noted that the revenue budget overspend was not unique to Slough and that there were a number of local authorities in a similar financial position.
The Chair expressed his disappointment that a written report had not been submitted, especially given that Members had requested at the previous meeting that the reporting format be revised to ensure that information was presented in a more user friendly manner. Mr Fitzgerald stated that a Working Group had been established, who were in the process of updating the report format to ensure that the balanced scorecard was accessible and presented in a user friendly format and that the key elements within the report were linked to the five year Plan Outcomes. It was anticipated that the revised report format would be presented to the January 2017 committee meeting.
Resolved – That the verbal financial management Q2 update be noted.