The report has been circulated with the Cabinet Agenda for its meeting on 17^th January 2019. The relevant Minute and report has been referred direct to all Scrutiny Committees for consideration.

The Committee considered Minute 620 of Cabinet held on 17th January 2019, which had been referred direct by Cabinet to all three Scrutiny Committees together with a report of the Strategic Director (Finance and Resources) presenting the Revenue and Capital budget report for the period ending 30^th November 2018.

Resolved:-

That the following decisions of Cabinet be noted:-

“That, in respect of the 2018/19 Revenue Budget Monitoring as set out in appendix 1 to this report:

1. That the forecast outturn for the General Fund and Housing Revenue Account, as at November 2018, be noted.

2. That the planned management actions of £3,230,000 to achieve that forecast outturn, be noted.

3. That the planned budget transfers (virements) of £949,000, be approved.

4. That the transfer of £413,000 from the Children Social Care reserve to support additional secured placements, be approved.

5. That the transfer of £472,000 from the Dedicated School Grant reserve to support 2018/19 in year funding pressures, be approved.

6. That the potential transfer of £1,505,000 to the Business Transformation Reserve in respect of the forecast General Fund underspend, be noted.

7. That the potential transfer of £24,000 to the HRA Capital Investment Reserve in respect of the forecast HRA underspend, be noted.

That, in respect of the 2018/19 Capital Budget Monitoring as set out in appendix 2 of this report:

8. That the expenditure to date and the forecast outturn as at November 2018 and its financing, be noted.

9. That the requested changes to the 2018/19 capital investment programme as set out in Section 2 of Appendix 2 of the report, be approved.”

Note: This is an Executive Function

Cabinet Member: Cllr Lamb

The report has been circulated with the Cabinet Agenda for its meeting on 17th January 2019. The relevant Minute and report has been referred direct to all Scrutiny Committees for consideration.

The Committee considered Minute 620 of Cabinet held on 17th January 2019, which had been referred direct by Cabinet to all three Scrutiny Committees together with a report of the Strategic Director (Finance and Resources) presenting the Revenue and Capital budget report for the period ending 30^th November 2018.

Resolved:-

That the following decisions of Cabinet be noted:-

“That, in respect of the 2018/19 Revenue Budget Monitoring as set out in appendix 1 to this report:

1. That the forecast outturn for the General Fund and Housing Revenue Account, as at November 2018, be noted.

2. That the planned management actions of £3,230,000 to achieve that forecast outturn, be noted.

3. That the planned budget transfers (virements) of £949,000, be approved.

4. That the transfer of £413,000 from the Children Social Care reserve to support additional secured placements, be approved.

5. That the transfer of £472,000 from the Dedicated School Grant reserve to support 2018/19 in year funding pressures, be approved.

6. That the potential transfer of £1,505,000 to the Business Transformation Reserve in respect of the forecast General Fund underspend, be noted.

7. That the potential transfer of £24,000 to the HRA Capital Investment Reserve in respect of the forecast HRA underspend, be noted.

That, in respect of the 2018/19 Capital Budget Monitoring as set out in appendix 2 of this report:

8. That the expenditure to date and the forecast outturn as at November 2018 and its financing, be noted.

9. That the requested changes to the 2018/19 capital investment programme as set out in Section 2 of Appendix 2 of the report, be approved.”

Note: This is an Executive Function

Cabinet Member: Cllr Lamb

The report has been circulated with the Cabinet Agenda for its meeting on 17^th January 2019. The relevant Minute and report has been referred direct to all Scrutiny Committees for consideration.

The Committee considered Minute 620 of Cabinet held on 17th January 2019, which had been referred direct by Cabinet to all three Scrutiny Committees together with a report of the Strategic Director (Finance and Resources) presenting the Revenue and Capital budget report for the period ending 30^th November 2018.

Resolved:

That the following decisions of Cabinet be noted:-

That, in respect of the 2018/19 Revenue Budget Monitoring as set out in appendix 1 to this report:

1. That the forecast outturn for the General Fund and Housing Revenue Account, as at November 2018, be noted.

2. That the planned management actions of £3,230,000 to achieve that forecast outturn, be noted.

3. That the planned budget transfers (virements) of £949,000, be approved.

4. That the transfer of £413,000 from the Children Social Care reserve to support additional secured placements, be approved.

5. That the transfer of £472,000 from the Dedicated School Grant reserve to support 2018/19 in year funding pressures, be approved.

6. That the potential transfer of £1,505,000 to the Business Transformation Reserve in respect of the forecast General Fund underspend, be noted.

7. That the potential transfer of £24,000 to the HRA Capital Investment Reserve in respect of the forecast HRA underspend, be noted.

That, in respect of the 2018/19 Capital Budget Monitoring as set out in appendix 2 of this report:

8. That the expenditure to date and the forecast outturn as at November 2018 and its financing, be noted.

9. That the requested changes to the 2018/19 capital investment programme as set out in Section 2 of Appendix 2 of the report, be approved.

Note: This is an Executive Function

Cabinet Member: Cllr Lamb

Report of Strategic Director (Finance and Resources) attached

The Cabinet considered a report of the Strategic Director (Finance and Resources) presenting the Revenue and Capital budget report for the period ending 30^th November 2018.

Resolved:

That, in respect of the 2018/19 Revenue Budget Monitoring as set out in appendix 1 to this report:

1. That the forecast outturn for the General Fund and Housing Revenue Account, as at November 2018, be noted.

2. That the planned management actions of £3,230,000 to achieve that forecast outturn, be noted.

3. That the planned budget transfers (virements) of £949,000, be approved.

4. That the transfer of £413,000 from the Children Social Care reserve to support additional secured placements, be approved.

5. That the transfer of £472,000 from the Dedicated School Grant reserve to support 2018/19 in year funding pressures, be approved.

6. That the potential transfer of £1,505,000 to the Business Transformation Reserve in respect of the forecast General Fund underspend, be noted.

7. That the potential transfer of £24,000 to the HRA Capital Investment Reserve in respect of the forecast HRA underspend, be noted.

That, in respect of the 2018/19 Capital Budget Monitoring as set out in appendix 2 of this report:

8. That the expenditure to date and the forecast outturn as at November 2018 and its financing, be noted.

9. That the requested changes to the 2018/19 capital investment programme as set out in Section 2 of Appendix 2 of the report, be approved.

Reasons for Decision:

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.

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.  More frequent monitoring is undertaken by officers and considered by individual service Directors and the Council’s Corporate Management Team (CMT) including approval of management action.

Note: This is an Executive Function

Referred direct to all three Scrutiny Committees

Cabinet Member: Cllr Lamb