Agenda item

Report of the Strategic Director of Finance and Customer Services

Recommendations:-

1. That the current General Fund Revenue Budget forecast of £4.0m overspend be noted.

2. That it be noted that actions will continue to be taken to mitigate the forecast overspend.

3. That the Capital Programme update be noted.

Consideration was given to a report which set out the financial position as at the end of December 2019 and was based on actual costs and income for the first nine months of 2019/20 and forecast for the remainder of the financial year.

It was reported that financial performance was a key element within the assessment of the Council’s overall performance framework, and was essential to the achievement of the objectives within the Council’s policy agenda.  To that end, the report was the fourth in a series of monitoring reports for the current financial year which would continue to be brought forward to Cabinet on a regular basis.

It was noted that, as at December 2019, the Council had a forecast year-end overspend of £4.0m on the General Fund. The report also outlined an interim update to the Council’s Medium Term Financial Strategy.

The report had been subject to pre-decision scrutiny by the Overview and Scrutiny Management Board on 12 February 2020 where Members had indicated their support for the recommendations. Furthermore, Overview and Scrutiny Management Board had indicated that further financial monitoring reports should be brought to them for consideration in advance of them being considered by Cabinet. Having considered this recommendation, Cabinet were supportive of the proposal from the Overview and Scrutiny Management Board.

Resolved:-

1.    That the current General Fund Revenue Budget forecast of £4.0m overspend be noted.

2.    That it be noted that actions will continue to be taken to mitigate the forecast overspend.

3.    That the Capital Programme update be noted.

4.    That the approval be given to the recommendation from Overview and Scrutiny Management Board that further financial monitoring reports be brought to the Overview and Scrutiny Management Board for its consideration in advance of them being considered by Cabinet.