Issue - meetings

1.      That the council forecasts a £2.4m overspent revenue position for 2014/15, as set out in Annex 1, paragraph 2 of the submitted report.

2.      That Services forecast achieving £68.7m efficiencies and service reductions by year end, as set out in Annex 1, paragraph 53 of the submitted report.

3.      That the council forecasts investing £205m through its capital programme in 2014/15, as set out in Annex 1, paragraph 58 of the submitted report.

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

5.    That the following virements of further Government grants totalling £2.6m made for the following purposes, as set out in Annex 1, paragraph 19 of the submitted report, be approved:

·           SEND (special educational needs and disabilities) Implementation Grant (£0.805m to Schools & Learning)

·           KS2 (key stage 2)| Moderation and Phonics Funding (£0.034m to Schools & Learning)

·           Adoption Reform grant (£0.493m to Children’s Services)

·           Staying Put grant (£0.138m to Children’s Services)

·           Troubled Families Payment by Results grant (£0.462m to Strategic Services)

·           Troubled Families Co-ordinator grant (£0.102m to Strategic Services)

·           Troubled Families Co-ordinator attachment fees (£0.549m to Strategic Services)

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]

The Leader of the Council presented the budget monitoring report for period five 2014/15. This was the council’s financial position at the end of August 2014.

He highlighted three specific points from the report: (i) Efficiencies, stating that the Council’s forecast, at the end of August was to deliver efficiencies of £68.7m by year end, (ii) the re-profiled Capital Programme planned investment of £780m for 2014-19, and (iii) that the end of year revenue forecast was for services to overspend by £2.4m. However, he believed that the Cabinet’s strong commitment to tight financial management, backed up by management action would result in a balanced budget or a small underspend by year end.

Finally, he said that the report included recommendations for transferring Government grants into the Children, Schools and Families service to cover additional or extended responsibilities.

Other Members of the Cabinet Team were invited to highlight the key points and issues from their portfolios, as set out in the Annex to the report.

RESOLVED:

1.      That the council forecasts a £2.4m overspent revenue position for 2014/15, as set out in Annex 1, paragraph 2 of the submitted report.

2.      That Services forecast achieving £68.7m efficiencies and service reductions by year end, as set out in Annex 1, paragraph 53 of the submitted report.

3.      That the council forecasts investing £205m through its capital programme in 2014/15, as set out in Annex 1, paragraph 58 of the submitted report.

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

5.    That the following virements of further Government grants totalling £2.6m made for the following purposes, as set out in Annex 1, paragraph 19 of the submitted report, be approved:

·           SEND (special educational needs and disabilities) Implementation Grant (£0.805m to Schools & Learning)

·           KS2 (key stage 2)| Moderation and Phonics Funding (£0.034m to Schools & Learning)

·           Adoption Reform grant (£0.493m to Children’s Services)

·           Staying Put grant (£0.138m to Children’s Services)

·           Troubled Families Payment by Results grant (£0.462m to Strategic Services)

·           Troubled Families Co-ordinator grant (£0.102m to Strategic Services)

·           Troubled Families Co-ordinator attachment fees (£0.549m to Strategic Services)

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.