55 Budget Monitoring 2019/20 - April to August (Month 5) PDF 154 KB
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Minutes:
The Cabinet Member for Finance, Performance and Core Services presented a report on the Council’s revenue budget monitoring position for the 2019/20 financial year as at 31 August 2019 (Month 5).
The General Fund position was largely unchanged from the previous month, with full-year expenditure forecast to be £158.544m against the budget of £148.82m. Once planned drawdowns from reserves and surpluses from Collection Fund and Business Rates budgets had been taken into account, the overall budget gap was projected at £7.012m.
The Housing Revenue Account showed a projected overspend of £1.266m against the budget of £104.909m.
The Cabinet Member referred to the ongoing pressures within service areas as a result of the Government’s ongoing austerity programme, the impact on the Council’s reserves position and the short-term management actions being implemented ahead of a detailed report to the next Cabinet meeting.
Cabinet resolved to:
(i) Note the projected revenue outturn for Council services as detailed in Appendix A to the report;
(ii) Note the implications for the reserves position and the need to identify in-year action in relation to General Fund expenditure, as set out in section 2 of the report;
(iii) Note the forecast outturn on the Housing Revenue Account as set out in section 13 and Appendix B of the report; and
(iv) Approve the revised profile of the HRA Capital Programme as set out in section 14 and Appendix C of the report.