Decision details

Financial Monitoring 2014/15 Months 3/4 (June/July 2014)

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Update on the revenue and capital spending against the agreed budget.

Decisions:

The Chair introduced the report of the Director of Resources, which detailed the financial monitoring position for Months 3 and 4 (to 31 July 2014), with separate appendices presented, which set out the Revenue and Capital position. Members noted the forecast gross General Fund overspend of £3.6m and requested a detailed report to the next meeting upon action being taken to address the overspend.

 

Resolved –

 

REVENUE

 

(1)  That at Month 4 (July 2014), the full year forecast projecting a gross General Fund overspend of £3,680,000, be noted

 

(2)  That a detailed report be presented to the next meeting of the Cabinet upon action being taken to address the gross General Fund overspend.

 

(3)  That the risks relating to non delivery of savings as detailed in paragraph 3.3 to 3.6 (of Appendix A) and requirement for mitigation and actions to be identified, be noted.

 

(4)  That the variation to the Families and Wellbeing budget to reflect the receipt of Special Educational Needs and Disability Implementation grant income of £260,029 in 2014/2015 and the matching expenditure for use of the grant, be approved.

 

CAPITAL

 

(5)  That the spend to date at Month 4 of £7.6 million, with 33% of the financial year having elapsed, be noted.

 

(6)  That Cabinet agrees the revised Capital Programme of £60.4 million (Table 1 at 3.3 of Appendix B).

Publication date: 16/09/2014

Date of decision: 11/09/2014

Decided at meeting: 11/09/2014 - Cabinet

Effective from: 24/09/2014

Accompanying Documents: