Councillors and committees

Issue - meetings

Monthly Budget Monitoring Report

Meeting: 26/02/2019 - Cabinet (Item 28)

28 Monthly Budget Monitoring Report pdf icon PDF 169 KB

Additional documents:

Decision:

RESOLVED:

 

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

·         £4.6m forecast total draw down reserves;

·         £16.7m forecast underspend against the original 2018/19 budget; and

·         £124m forecast service capital programme outturn against £132m budget.

 

2.    That all Cabinet Members had confirmed their service’s forecast for the year as shown in the revenue table within the submitted report was noted.

 

Reason for Decision:

 

This report was presented to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions.

 

[The decisions on this item can be called in by the Corporate Overview Select Committee]

 

Minutes:

The Cabinet Member for Finance introduced a report that summarised the most significant issues for the Council’s 2018/19 financial position as at 31 December 2018 for both revenue and capital budgets.  He explained how the new method of reporting was much improved with real time data and reported that the use of reserves had greatly reduced.  He praised the efforts of staff in getting to this point that would see an expected balanced budget by period 12.

 

The Deputy Leader congratulated the Cabinet Member for Finance and officers in achieving a good stable base from which to deliver next year’s budget.

 

The Leader thanked the Cabinet Member and Strategic Director for Finance on simplifying the report which was much easier to read.  He also explained that Cabinet Members had ownership of their own service area budgets.  He went on to say that although transformation was unsettling, staff had remained focussed.

 

RESOLVED:

 

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

·         £4.6m forecast total draw down reserves;

·         £16.7m forecast underspend against the original 2018/19 budget; and

·         £124m forecast service capital programme outturn against £132m budget.

 

2.    That all Cabinet Members had confirmed their service’s forecast for the year as shown in the revenue table within the submitted report was noted.

 

Reason for Decision:

 

This report was presented to comply with the agreed policy of providing a monthly budget monitoring report to Cabinet for approval of any necessary actions.