Issue - meetings

RESOLVED:

1.    That the Council’s overall revenue and capital budget positions as at 31 August 2018 be noted.

2.    That the management realignment within Highways, Transport & Environment directorate be noted.

3.    That the Economic Growth’s request to draw down £71,000 from the carry forward agreed from 2017/18 be approved.

4.    That the IT and Digital’s request to reprofile £1.8m capital expenditure into future years be approved.

Reason 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 Corporate Overview Select Committee]

The Leader introduced the report that set out the Council’s financial position as at 31 August 2018, the end of period five.  The forecast revenue position was balanced which, in a large part, was due to the Council’s efforts to achieve £19m of its £40m in-year cost reduction programme.  He also reported that the Medium Term Financial Plan savings and the capital programme were on track. By reaching a balanced forecast position at this stage, the Council had made enough cost reductions to balance the overspends and cost pressures arising in this year.  By achieving the remaining £21m of in-year cost reductions, this would remove the need to draw any money from Council reserves.

He went on to say that there was a need to keep up this work to deliver improvements and that it was vital to do so as this would enhance the Council’s financial resilience and put it in a better position to face the challenges.  It would also help to deal with the funding uncertainties and service pressures faced in future years and ensure Surrey’s residents have sustainable local services.

Other Cabinet Members were given the opportunity to highlight key points and issues from their portfolios.

RESOLVED:

1.    That the Council’s overall revenue and capital budget positions as at 31 August 2018 be noted.

2.    That the management realignment within Highways, Transport & Environment directorate be noted.

3.    That the Economic Growth’s request to draw down £71,000 from the carry forward agreed from 2017/18 be approved.

4.    That the IT and Digital’s request to reprofile £1.8m capital expenditure into future years be approved.

Reason 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.