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 January 2019 (Month 10).

The underlying General Fund position had improved slightly from the previous month, with a projected end of year overspend of £3.985m against the budget of £145.368m.  The Cabinet Member also referred to proposals within the report in relation to the carry forward of unspent revenue into the next financial year, virements between budgets, a working capital support facility in the form of a pre-approved loan of up to £200,000 to B&D Reside to support the ongoing development of the business model for the company, and the formalisation of amendments to the Capital Programme that were reported to the last meeting. 

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 section 3 and Appendix A to the report;

(ii)  Approve the carry forward requests into 2019/20 as detailed in section 4 and Appendix B to the report;

(iii)  Approve a working capital facility of up to £0.2m for the B&D Reside group of companies on the terms set out in section 5 of the report;

(iv)   Approve a virement in 2018/19 in respect of the Street Purchasing income and expenditure budgets and a virement from 2019/20 onwards in respect of the disaggregation of the placements budget for Children with Disabilities, as detailed in section 6 of the report; and

(v)  Approve the reprofiled Capital Programme for 2018/19 of £284.758m, as detailed in Appendix D to the report.