Decision details

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

Cabinet noted the following:

1.         The forecast revenue budget for 2013/14 is balanced on services, adding the unused £13m risk contingency brings this to £13m overall underspend, as set out in the Annex (paragraph 1) of the submitted report.

2.         The forecast ongoing efficiencies and service reductions achieved by year end, as set out in the Annex (paragraph 63) of the submitted report.

3.         The forecast capital budget position for 2013/14, as set out in the Annex (paragraphs 67 to 71) of the submitted report.

4.         The management actions to mitigate overspends, which appear throughout the submitted report.

The following resolutions be approved:

5.      Contributions to reserves:

·      £2.8m creditor write-off transfer to the Budget Equalisation Reserve, as set out in the Annex (paragraph 46) of the submitted report.

·      £3.5m waste PFI grant transfer to the Eco Park Sinking Fund Reserve, as set out in the Annex (paragraph 48) of the submitted report.

·      £1m interest rate rise contingency transfer to the Interest Rate Risk Reserve, as set out in the Annex (paragraph 49) of the submitted report.

6.      A virement of £2.0m of Dedicated School Grant (DSG) be distributed into the follow areas: Services for Young People (£0.8m) and Schools and Learning (£1.2m) (Appendix - paragraph App.3 to App.6 of the submitted report).

7.      A virement of £2.0m of Dedicated School Grant (DSG) be held as a risk budget and delegated to the Assistant Director of Schools and Learning to allocate appropriately (Appendix - paragraph App.3 to App.6 of the submitted report).

Reasons for Decisions:

To comply with the agreed strategy 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]