The Director of Finance presented the projected budget for 2012-2015, which had been considered by the Cabinet on 2 June 2011 (minute 7 refers). He set out the assumptions which underpinned the projections and reported upon the outcome of grant negotiations and other legislative issues. Balances were projected to be £6.3m at 31 March 2012 and with savings having been taken into account, he reported that there would be a projected shortfall of £20.8m in 2012/2013, £27.6m in 2013/2014 and £30.3m in 2014/2015. (See also minute 8 ante).

Resolved –

(1)  That the budget projections be reviewed on a regular basis.

(2)  That the Committee expects Members of the Council to be updated on the financial pressures with more information than is contained within the financial monitoring reports.