The Cabinet considered the report the Interim Director of Finance setting out the revenue position for 2012/13 as at Month 10 (January 2013). The report identified the latest financial projections and prioritised the risks for ongoing management actions, to ensure any year end overspend was minimised.

Councillor P.Davies, Cabinet Member for Finance introduced the report and indicated that it was clear progress had been made to drive down the overspend, he noted that management were working to keep spending within their budgets allocated; and work was ongoing to ensure budgets going forward were soundly based. Councillor P. Davies commended the work undertaken and indicated that he welcomed the measures implemented by the Chief Executive to monitor savings, and that a separate report would be submitted to Cabinet in April 2013.

RESOLVED: Cabinet noted that:

(1)  At Month 10 (January 2013), the full year forecast projected a potential General Fund overspend of £7.6m;

(2)  There were no rejected freeze items in the month;

(3)  A major risk continues to exist concerning the reliability of fees & charges income, going back many years. Corrective action is being taken to maximise recovery. A separate report regarding the background and recommendations relating to this issue was to be produced.