Decision details

The Cabinet will be asked to consider the projected position of the Council’s revenue and capital budgets for 2017/18 and, if necessary, consider proposals for in-year adjustments aimed at achieving a balanced budget position at the year end.

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 financial risks and the suggested mechanisms for resolving them, as detailed in section 3 of the report; 

(iii)  Approve the carry forward requests into the 2018/19 revenue budget, as detailed in the table at paragraph 4.1 of the report;

(iv)  Approve the transfer of up to £1.0m “Procurement Gainshare” into the Core Infrastructure reserve to fund future investment in ICT and other core services;  

(v)   Approve the virements within 2017/18 revenue budgets, as set out in paragraph 5.1 of the report; 

(vi)  Note the overview of the HRA for 2017/18, as detailed in section 6 and Appendix B of the report;

(vii)  Delegate authority to the Chief Operating Officer, in consultation with the Cabinet Member for Finance, Growth and Investment, to take decisions in respect of the following matters as part of the process for the closure of the Council’s accounts for 2017/18:

·  Carry forward of monies allocated or received for specific purposes where expenditure has not been incurred in the financial year;

·  The making of revenue contributions to capital;

·  The financing of redundancies and associated pension costs.

(viii)  Approve a working capital facility of up to £2.5m for the Barking and Dagenham Trading Partnership on the terms set out in section 8 of the report; and

(ix)  Delegate authority to the Chief Operating Officer, in consultation with the Cabinet Member for Finance, Growth and Investment and the Director of Law and Governance, to agree the terms, including the rate, duration and security regarding the working capital facility to Barking and Dagenham Trading Partnership.