Issue - meetings

RESOLVED:

That the Council’s overall revenue and capital budget positions as at 31 October 2018 be noted:-

·      -£8m forecast reduction in the need to use reserves; 

·      £63m savings forecast against the £66m MTFP target;

·      £29m completed actions towards achieving £40m in year cost reductions;

·      The additional in-year government grant funding for winter pressures in adult social care (Annex 2 para 13), and

·      £133m forecast service capital programme outturn against £135m budget.

Reason for decision:

This report was presented to comply with the agreed policy to provide 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 Cabinet Member for Finance reported highlights from the Government’s budget announcements. He explained that Surrey had not been chosen to be part of the Business Rate Retention scheme for 2019/20, the Council Tax levy had not changed and there had been no comment on the fair funding formula and the Green paper on Adult social care was also delayed.

He went on to introduce the report and drew Cabinet’s attention to the S151 commentary and the Equalities and Impact Statement in the report.

The Leader of the Council reinforced the message that the Council needed to get into a financial sustainable position and that difficult decisions would need to be taken. However, the Council was a long way towards identifying and delivering savings.

RESOLVED:

That the Council’s overall revenue and capital budget positions as at 31 October 2018 be noted:-

·      -£8m forecast reduction in the need to use reserves; 

·      £63m savings forecast against the £66m MTFP target;

·      £29m completed actions towards achieving £40m in year cost reductions;

·      The additional in-year government grant funding for winter pressures in adult social care (Annex 2 para 13), and

·      £133m forecast service capital programme outturn against £135m budget.

Reason for decision:

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