To consider the Finance Update Report 2019/20.
Cabinet considered a report on the Council’s forecast 2019/20 financial position as at the end of May 2019.
Not reporting on financial performance puts at risk the achievement of the Council’s Medium Term Financial Plan. Effective budget management is critical to ensuring financial resources are spent in line with the budget and are targeted towards the Council’s priorities. Monitoring enables the early identification of variations against the plan and facilitates timely corrective action.
It was AGREED:
1. That the forecast 2019/20 budget positions for Capital, Revenue, Savings and the Collection Fund as at the end of May 2019 be noted.
2. That the capital scheme changes shown in section 4.1.2 of the report be noted.
3. That approval be given to rephasing detailed in 4.1.3 of the report;
4. That the proposed virement detailed in 4.1.4 of the report be approved;
5. That the Revenue Budget Pressure Fund requests detailed in 4.2.4. of the report be approved
Reason for Decision
Cabinet is responsible for the effective management of the agreed budget and should be kept updated on the financial position of the authority, ensuring the financial resources are spent in line with the budget and are targeted towards the Council’s priorities. Monitoring enables the early identification of variations against the plan and facilitates timely corrective action.
To consider the Council’s financial position, as at the end of May 2018.
The Chief Finance Officer presented to the Committee a report which outlined details of the Council’s financial position as at the end of May 2019. The Committee was advised that the report would be presented to Cabinet at its meeting on 30th July 2019.
Members were informed that the Capital spend was forecast to be in line with budget after approved re-phasing in Economy of £3.500m, the forecast Revenue position was a pressure of £4.805m. It was further reported that savings of £0.135m were forecast to be achieved, as part of the Revenue budget and a forecast 2019/20 Collection Fund surplus position of £1.345m.
The Assistant Director for Children’s Social Care was invited to the Committee again to provide Members with an update on how the service was planning to reduce its predicted overspend. It was noted that there were monthly meetings chaired by the Chief Executive with a number of Directors to monitor and review Children’s Social Care overspend.
That the financial update be noted.