Agenda item

(a)  That the latest financial position be noted.

(b)  That delegated authority be given to the Director of Children, Learning & Skills, following consultation with the Cabinet Member for Children, Education & Families, to agree any changes to the schools funding formula for 2018-19 as outlined in paragraph 6.3.4 of the report.

(c)  That the budget virements as listed in paragraph 8 be approved, and

(d)  That the write offs as requested in paragraph 9 be approved.

The Director of Finance & Resources introduced a report that provided an update on the latest revenue financial position to the end of the second quarter of the 2017-18 financial year.

It was noted that the total estimated net commitment for the year was £106.3m, and with planned in year savings of £1.5m this represented a net overspend of £0.98m.  The main reasons for the overspend included pressures on the temporary accommodation and homelessness budget and lower than anticipated income from cemeteries & crematorium, registrars and parks and open spaces.  A series of management actions were in place to address the overspend.  The update was noted and the virement and write off requests detailed in sections 8 and 9 of the report were considered and approved.

The process to agree the new formula used to set the budgets for local schools for the 2018-19 financial year was underway and consultation was taking place with the Schools Forum and schools directly.  Due to the timescales for decisions, the Cabinet was asked to delegate authority to the Director of Children, Learning & Skills, following consultation with the Cabinet Member, to agree any changes to the national formula.  This was agreed.

Resolved –

(a)  That the latest financial position be noted.

(b)  That delegated authority be given to the Director of Children, Learning & Skills, following consultation with the Cabinet Member for Children, Education & Families, to agree any changes to the schools funding formula for 2018-19 as outlined in paragraph 6.3.4 of the report.

(c)  That the budget virements as listed in paragraph 8 be approved, and

(d)  That the write offs as requested in paragraph 9 be approved.