Quarter 2 2019/20 Revenue Financial Monitoring
Decision Maker: Cabinet
Decision status: Information Only
Is Key decision?: Yes
Is subject to call in?: No
The Cabinet Member for Finance and Resources introduced a report which provided a summary of the projected year-end revenue position as at Quarter 2, Month 6 (September 2019).
The year-end forecast recorded as part of September’s financial monitoring activity represented an adverse variance to the budget of £7.155m. The Council was encountering significant cost pressures, which were being managed, but known total budget pressures of £12.955m existed. Due to the Council’s financial position, an adverse budget variance was not viable and the Council was obliged to deliver a balanced budget.
On a motion by Councillor Janette Williamson, seconded by Councillor Christine Spriggs, it was -
Resolved - That:
(1) the Year-end forecast position at Quarter 1 of £7.115 million adverse, be noted;
(2) the level of achievement of savings proposed for 2019-20, be noted;
(3) the revisions to the Medium Term Financial Strategy (MTFS) 2020-2025, be noted.
Reasons for decision: Regular monitoring and reporting of the Revenue Budgets, savings achievements and MTFS position enables decisions to be taken faster which might produce revenue benefits and would improve financial control in Wirral Council.
Publication date: 29/11/2019
Date of decision: 25/11/2019
Decided at meeting: 25/11/2019 - Cabinet