The Cabinet considered a report of the Executive Director (Finance and Resources) on the corporate budget performance 2019/20 (period 4)

Recommended:-

That in respect of the 2019/20 Revenue Budget Performance:

1.    The forecast outturn for the General Fund and the Housing Revenue Account as at July 2019, be noted.

2.    That the planned budget transfers (virements) of £1,872,260 between portfolio services, be approved.

3.    That the transfer of £2,000,000 from the Children’s Social Care Reserve previously approved to assist with the increase in demand and cost within this area, be approved.

4.    That the transfer of £500,000 from the Interest Equalisation Reserve to fund the additional interest costs due to advance borrowing to take advantage of exceptionally low interest rates, be approved.

That in respect of the 2019/20 Capital Budget Performance:

5.    That the expenditure to date and the forecast outturn as at July 2019 and its financing, be noted.

6.    That the requested changes to the 2019/20 capital investment programme, be approved.

7.    That the requested additions to the Fire Improvement Works budget of £750k p.a. for the five years from 2020/21 to 2024/25 as set out in the Fire Safety Report, be noted.

Reason for Decision

1.    The regular reporting of Revenue and Capital Budget Monitoring information provides detailed financial information to members, senior officers and other interested parties on the financial performance of the Council. It sets out the key variances being reported by budget holders and the management action being implemented to address the identified issues.

2.    It also informs decision making to ensure that Councillors’ priorities are delivered within the agreed budget provision.

Other Options

The Council could choose to monitor its budgetary performance against an alternative timeframe but it is considered that the reporting schedule provides the appropriate balance to allow strategic oversight of the budget by Councillors and to manage the Council’s exposure to financial risk.

Note: This is a Council Function

Eligible for call-in to: Policy and Resources Scrutiny Committee

Cabinet Member: Councillors Gilbert and Woodley