Agenda item

(a)  That the reported underlying financial position of the Council, including the Slough Children’s Services Trust (SCST), as at the second quarter of the year be noted;

(b)  That the management actions being undertaken by officers, and the progress made to date, to reduce the budget pressures be noted;

(c)  That the potential impact on the Council’s general reserves and associated implications for the Council based on the latest financial projections, be noted;

(d)  That the virements and write offs as requested in Section 9 and 10 be approved.

The Service Lead Finance introduced a report that updated on the financial position of the Council’s revenue account to September 2019, which was the second quarter of the 2019/20 financial year.

The forecast year end position for Council run services was an overspend of £0.193m (0.18%) of the revenue budget.  This was an improvement on the position at the end of the first quarter despite increasing pressures on the Council.  However, when the forecast financial position of Slough Children’s Services Trust (SCST) was included the forecast overspend was £7.03m of which £6.8m was due to the Trust.  This was a reduction of £2.6m since the previous quarter and the work to review expenditure, identify in year savings and ensure strong financial controls were in place was explained.  The detailed position for each directorate was summarised and noted.  The Housing Revenue Account was on track to deliver the planned net deficit budget of £2.87m.

Lead Members recognised the work undertaken to control the Council’s own budget and noted that the discussions with SCST and the Department for Education continued to address the issues with the Trust’s financial position.  The Cabinet considered and approved the virement and write off requests as set out in sections 9 and 10 of the report.

Resolved –

(a)  That the reported underlying financial position of the Council, including the Slough Children’s Services Trust (SCST), as at the second quarter of the year be noted;

(b)  That the management actions being undertaken by officers, and the progress made to date, to reduce the budget pressures be noted;

(c)  That the potential impact on the Council’s general reserves and associated implications for the Council based on the latest financial projections, be noted;

(d)  That the virements and write offs as requested in Section 9 and 10 be approved.