The Leader and Cabinet Chair, submitted the Cabinet Financial monitoring report. The report informs Members of the Council’s financial position for the period April 2019 to June 2019 and projects the estimated outturn at the end of 2019/20.
The report also includes Prudential Indicators in accordance with CIPFA’s Prudential Code.
Projections are based on current trends, information, and professional judgement from service managers and finance staff. The revenue budget projections highlight the fact that budget pressures exist in some key areas and it will be necessary to continue to maintain the high level of scrutiny, control and support around the Budget Recovery Boards and to further develop the savings pipeline. The projected overspend of £0.996m represents approximately 0.7% of the total net budget of £138.862m.
Delegated decisions:
Cabinet agrees to:
Note the projected financial position of the Council as at 30 June 2019.
Reason for the decision:
Successful budget monitoring provides early warning of potential major overspends or underspends against budgets which Members need to be aware of.
This report draws attention to the fact that, based on prudent forecasts, several budget hotspots exist which will need remedial action.
Members and officers will be examining these areas in more detail at the joint JET / Cabinet meetings as well as at the themed Budget Recovery Boards.