Issue - meetings

The Cabinet Member for Finance, Growth and Investment introduced a report on the Council’s capital and revenue position for the 2016/17 financial year, as at 31 May 2016.

The General Fund showed a projected end of year spend of £155.1m against the approved budget of £150.3m. The projected overspend of £4.8m was attributable to the ongoing pressures within the Children Social Care, Homelessness and Leisure services.  Using the experiences of past financial years, officers have put in place plans at an early stage to address the overspendings.

Together with funding for Ambition 2020, savings implementation and taking into account the use of reserves, the projected year-end overspend would reduce the General Fund balance to £16m at year end, above the recommended minimum level of £15m.

The Housing Revenue Account (HRA) showed a predicted breakeven position while the forecast outturn for the Capital Programme was on budget at £197.2m.

The Cabinet resolved to:

(i)  Note the projected outturn position for 2016/17 of the General Fund revenue budget at 31 May 2016, as detailed in paragraphs 2.1, 2.4 to 2.13 and Appendix A of the report;

(ii)  Note the progress against the agreed 2016/17 savings at 31 May 2016, as detailed in paragraph 2.14 and Appendix B of the report;

(iii)  Note the overall position for the Housing Revenue Account at 31 May 2016, as detailed in paragraph 2.15 of the report;

(iv)  Note the projected outturn position for 2016/17 of the Capital Programme as at 31 May 2016, as detailed in paragraph 2.16 and Appendix C of the report.