Issue - meetings

The Cabinet Member for Finance, Growth and Investment presented a report on the Council’s revenue budget monitoring position for the 2017/18 financial year as at 31 October 2017.

The General Fund continued to show a projected year-end overspend of £5.883m against the budget of £145.13m and the Cabinet Member confirmed that the position was unlikely to improve to any significant degree by the end of the financial year. 

The Housing Revenue Account (HRA) also showed an unchanged projection from the previous month’s £0.769m deficit position against the budgeted contribution of £39.642m to the HRA Capital Programme, while the reprofiled Capital Programme (excluding HRA-funded projects) was expected to achieve the targeted spend of £166.7m.

The Cabinet resolved to:

(i)  Note the forecast outturn position for 2017/18 of the Council’s General Fund revenue budget as detailed in section 2 and Appendix A of the report;

(ii)  Note the new financial risks and the suggested mechanisms for resolving them, as detailed in section 3 of the report; and

(iii)  Note the overview of the HRA for 2017/18, as detailed in section 4 and Appendix B of the report.