Agenda item

Report of the Strategic Director of Finance and Customer Services

Recommendations:-

1.    That the forecast General Fund outturn position be noted.

2.    That the actions being taken to reduce the forecast overspend be noted   

3.    That the updated capital programme 2018/19 to 2021/22 be noted.

4.    That the capital grant funded budget inclusions and variations, as detailed within the updated Capital Programme, be noted.

Consideration was given to the report which set out an improved financial position compared to that previously reported to Cabinet in December, 2018. It was based on actual costs and income for the first nine months of the financial year with forecasts for the final quarter of 2018/19. Financial performance was a key element within the assessment of the Council’s overall performance framework, and was essential for the achievement of the objectives within the Council’s Policy Agenda. For that reason, this report was part of a series of monitoring reports for the current financial year which were brought forward to Cabinet on a regular basis.

The current revenue position after nine months showed an improved position on that previously reported, however, £0.507m of cost reductions were still required in order to deliver a balanced financial outturn after taking account of the £10m budget contingency approved within the 2018/19 budget.

Mitigating savings and actions identified to date were set out in Table 1 and described in Paragraph 3.9 of the report.

Resolved:-  (1)  That the forecast General Fund outturn position be noted.

(2)  That the actions being taken to reduce the forecast overspend be noted.  

(3)  That the updated capital programme 2018/19 to 2021/22 be noted.

(4)  That the capital grant funded budget inclusions and variations, as detailed within the updated Capital Programme, be noted.