Decision details

To consider the month end budget report and make any recommendations as appropriate

That the report be noted, including the following:

1.         That the Council forecasts an improved revenue position for 2014/15 of £13.4m underspend, up from £7.9m at 31 January 2015. This position includes the need to fund £6.2m spending on planned service commitments that will continue beyond 2014/15, as set out in Annex1, paragraph 3 of the submitted report.

2.         That Services forecast achieving an improved position on efficiencies and service reductions by year end of £73.8m up from £72.7m at 31 January 2015 and £1.5m above the year’s planned target of £72.3m, as set out in Annex1, paragraph 80 of the submitted report.

3.         That the Council forecasts investing £198.3m through its capital programme in 2014/15, as set out in Annex1, paragraphs 84 and 85 of the submitted report.

4.         That Services’ management actions to mitigate overspends, as set out throughout Annex1 of the submitted report, be noted.

5.         That the use of the uncommitted Member allocations, totalling £22,362, to make a grant to the Surrey Save Credit Union, as set out in Annex1, paragraph 36 of the submitted report, be approved.

6.         That a virement of the Surrey Growth Fund (£0.8m) from Environment & Infrastructure to the Chief Executive’s Office, to align with managerial responsibility for the Economy function, as set out in Annex1, paragraph 46 of the submitted report, be approved.

7.       That £2.5m from Central Income and Expenditure budget to fund a new reserve: “Economic Prosperity Reserve”, as set out in Annex1, paragraph 70 of the submitted report, be approved

Reasons for Decisions:

This report is presented to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval and action as necessary.

[The decisions on this item can be called in by the Council Overview and Scrutiny Committee]