Issue - meetings

Report of the Executive Director of Resources

The Cabinet considered a report of the Executive Director of Resources, which set out the forecast outturn position for revenue and capital expenditure and the Council’s treasury management activity as at the end of September 2015.

The headline revenue forecast for 2015/16 was an overspend of £4.7m.  This was a significant deterioration from the £1m projected at Quarter 1 and it was noted that at the same point in 2014/15 there was a projected underspend of £0.4m.

The overall revenue position incorporated an overspend of £7.7m within the People Directorate, the majority of which related to Adult Social Care Community Purchasing budgets.  These were offset to some degree by underspends within the corporate Asset Management Revenue Account.

The Cabinet noted that the projected capital spending was projected to be £118.4m for the year, which represented a decrease of £7m on the £125.4m reported at the first quarter.  The Programme comprised £4.4m approved net additions to the programme and £11m rescheduled expenditure into 2016/17.

Section 5 of the report submitted also set out proposed actions by the Strategic Management Board to address the budgetary position for both the revenue and capital positions.

RESOLVED that the Cabinet:

1.  Approve the forecast revenue overspend at Quarter 2 and the proposed actions to be taken by the Strategic Management Board set out in section 5 of the report submitted.

2.  Approve the revised capital estimated outturn position for the year of £118.4m, incorporating £4m net increase in spending relating to approved/technical changes as detailed in Appendix 2, £11.1m net rescheduling of expenditure into 2016/17 as set out in Appendix 4 and £0.3m net underspend, outlined in Appendix 5.