Issue - meetings

Report of the Deputy Chief Executive (Place)

The Cabinet considered a report of the Deputy Chief Executive (Place) which set out forecast outturn position for revenue and capital expenditure and the Council’s treasury management activity as at the end of September 2018.

The headline revenue forecast for 2018/19 was an over spend of £0.5m. At the same point in 2017/18 there was a projected overspend of £3.1m.

This position continued to reflect overspends in several service areas that had been subject to recent budgetary pressure. Although the overall overspend position was relatively modest, the service and financial pressures in several areas continued to demand management attention. This was most pressing and significant in relation to challenges in housing and homelessness services. Notwithstanding a range of plans coming forward, it was now clear that these circumstances would be in place for some time and this was reflected in the financial proposals within the 2019/20 Pre-Budget Report.

The Council’s capital spending was projected to be £222m for the year, a net decrease of £40m on the programme planned at the start of the year. At quarter 1 Cabinet was alerted to the possibility of significant capital slippage later in the budgetary cycle and this risk was one that continued to be of relevance.

The Cabinet noted that the report was also to be considered by the Audit and Procurement Committee at their meeting on 21^st January 2019.

RESOLVED that the Cabinet:

1.  Notes the forecast revenue overspend at Quarter 2.

2.  Approves the revised capital estimated outturn position for the year of £222.4m incorporating: £3.1m net reduction in spending relating to approved/technical changes and £23.9m net rescheduling of expenditure into 2019/20, as set out in Appendix 4 of the report.