The Director of Finance will submit a report (Document “AT”) which provides Members with an overview of the forecast financial position of the Council for 2018-19.

It examines the latest spend against revenue and capital budgets and forecasts the financial position at the year end. It states the Council’s current balances and reserves and forecasts school balances for the year. 

Recommended –

That the Executive:

(1)       Note the contents of this report and the actions taken to manage the forecast overspend.

(2)       Approve the following capital expenditure scheme.

• £0.440m for additional works as part of the Council property programme and the Above Ground Fuel Storage scheme.
• £0.1m for a Café at Cartwright Hall subject to final PAG appraisal.

Overview and Scrutiny Committee: Corporate

(Andrew Cross - 01274 436823)

Resolved –

(1)       That the report and the actions taken to manage the forecast overspend be noted

(2)       That the following capital expenditure schemes be approved:

• £0.440m for additional works as part of the Council property programme and the Above Ground Fuel Storage scheme.
• £0.1m for a Café at Cartwright Hall subject to final PAG appraisal.

ACTION: Director of Finance

Overview and Scrutiny Committee: Corporate

(Andrew Cross - 01274 436823)

The Director of Finance submitted a report (Document “AT”) which provided Members with an overview of the forecast financial position of the Council for 2018-19.

It examined the latest spend against revenue and capital budgets and forecasted the financial position at the year end. It stated the Council’s current balances and reserves and forecasted school balances for the year. 

Based on the 31 December 2018 projection, the Council was forecasted to overspend the £358.1m net budget by £0.4m.  The overspend related primarily to the area of Adults and Children’s Social Care and in the Department of Place.

The Leader thanked the finance teams across the Council who were working hard to ensure the budget did not go into deficit, and she stressed that Councils had to balance its books at the end of the end of the financial year.  She added that Councils were lobbying through the LGA to get adequate funding for adult social care.

Resolved –

(1)       That the report and the actions taken to manage the forecast overspend be noted

(2)       That the following capital expenditure schemes be approved:

• £0.440m for additional works as part of the Council property programme and the Above Ground Fuel Storage scheme.
• £0.1m for a Café at Cartwright Hall subject to final PAG appraisal.

ACTION: Director of Finance

Overview and Scrutiny Committee: Corporate