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Agenda item

Quarterly Financial Update - Revenue, Quarter 3 2018/19

Decision:

(a)  That the reported and underlying financial position of the council as at the third quarter of the year be noted;

 

(b)  That the management actions being undertaken by officers to reduce the budget pressures be noted;

 

(c)  That the budget virements as explained in paragraph 8.01 be approved; and

 

(d)  That the write offs as requested in paragraph 8.03 be approved.

Minutes:

The Service Lead Finance introduced a report that provided the Cabinet with an update on the financial position of the Council’s revenue account for the third quarter of the 2018/19 financial year.

 

The total net expenditure at the end of December 2018 was £81.360m, which was £2.448m higher than the budget for the period.  The forecast year end position was currently an overspend of £2.120m due to in year pressures in areas such as temporary accommodation, adult social care and home to school transport, however, work was taking place in directorates to contain the overspends and identify compensatory savings.  The Cabinet received assurance that Officers expected that a breakeven position would be achieved by the end of the year.  No new significant pressures had emerged since the previous report to Cabinet and the main areas of overspend were unchanged.  Lead Members  noted the current position and the detailed work to address the overspend by the end of the financial year.

 

Approval was sought for the budget virements detailed at paragraph 8.01 of the report and the write off requests at paragraph 8.03.  These were considered and agreed.

 

Resolved –

 

(a)  That the reported and underlying financial position of the council as at the third quarter of the year be noted;

 

(b)  That the management actions being undertaken by officers to reduce the budget pressures be noted;

 

(c)  That the budget virements as explained in paragraph 8.01 of the report be approved; and

 

(d)  That the write offs as requested in paragraph 8.03 of the report be approved.

Supporting documents: