The Director of Finance presented a summary of the position of the revenue accounts and General Fund balances as at 31 January and 28 February 2011. The Statement included the composition of the original 2010/2011 budget by Department including agreed savings and policy options; monitoring against the 2010/2011 budget including the financial implications of any changes agreed through Cabinet decisions; anticipated variances, changes not agreed by Cabinet, against the original budget and comments to provide an explanation of variances and areas identified as requiring further attention.

In response to comments from Members in relation to pressures within Adult Social Services, the Director reported that the Interim Director of Adult Social Services was reviewing all options before declaring a potential overspend. All Directors continued to look at actions to address any pressures within their departmental budgets. In response to a comment from a Member as to the information contained within the monitoring statement, the Director indicated that a key criterion from the Committee was that the information presented within it should be contained in a single sheet.

Resolved – That the content of the Financial Monitoring Statement be noted.