Issue - meetings

The Cabinet Member for Finance, Performance and Core Services presented a report on the Council’s revenue and capital budget monitoring position for the 2018/19 financial year as at 31 December 2018 (Month 9).

The underlying General Fund position had worsened by circa £0.391m from the previous month, with a projected end of year overspend of £4.248m against the budget of £145.368m.  The Cabinet Member referred to the People and Resilience Action Plan, which was now expected to achieve a £2.161m reduction in the spend trajectory, and other areas of over / underspend that were highlighted in the report. 

In respect of the Capital Programme, the Cabinet Member was pleased to report that expenditure was ahead of schedule at Month 9 mainly due to the acceleration of several school expansion projects.  A number of new projects had also been added to the current year’s programme since the last update in November 2018.  Other observations regarding the Capital Programme included:

·  The recent opening ceremony for the new demountable swimming pool at Beacontree Heath;

·  The development of London’s first Youth Zone facility at Parsloes Park that was due to be open in the coming months;

·  The purchase of additional Refuse Collection vehicles to support the service improvements being implemented over the summer; and

·  The integral role of partners and the local community in the successful delivery of projects, with particular reference made to the instrumental role of local resident Lisa Adams in securing external funding and developing plans for improved play equipment and sporting facilities at Valence Park.

The Cabinet resolved to:

(i)  Note the current forecast outturn position for 2018/19 of the Council’s General Fund revenue budget, as detailed in sections 2 and 3 and Appendix A to the report; and

(ii)  Note the current forecast outturn position for 2018/19 of the Council’s Capital Programme as detailed in section 4 and Appendix C to the report.