RESOLVED:
To note that:
1. As at 31 May 2018, the Council’s overall revenue budget position was as follows:
· £2.8m forecast year end underspend (Annex, paragraph 1),
· £65.3m forecast planned savings, against £66.0m target (Annex, paragraph 3),
· £15m risk of increased service pressures in SEND,
· Target of £15m additional in year savings in 2018/19.
That the following be approved:
2. Agreed in principle to continue to use the Waste Sinking Fund to smooth Eco Park construction cost variations across years (Annex, paragraph 34).
3. Highways & Transport requested to draw down £0.155m from three revenue carry forwards made in 2017/18 to fund committed and in-progress projects including:
· £85,000 Members’ allocations for bursaries and a school and recycling project;
· £45,000 for committed bridge assessments; and
· £25,000 for traffic signals maintenance delayed due to bad weather.
4. Highways & Transport requested a £0.9m increase to the capital budget to reflect additional pothole grant announced by the Department for Transport on 26 March 2018.
5. Highways & Transport requested to draw down £4.67m capital carry forwards to fund committed and in-progress projects, including:
· National Productivity Investment Fund grant-funded Farnham Bridge and A24 Epsom Resilience schemes, plus match funded A23 Local Growth Deal scheme;
· Highways major maintenance and bridge strengthening schemes.
Reasons for decisions:
This report was 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]