Issue - meetings

The report of the Director – Finance and Corporate Services is attached.

It was RESOLVED that the report be approved and the following be noted:

a)              the projected revenue budget efficiency for the year of £1.304m and proposals to earmark this for cost pressures, as set out in Appendix A and paragraph 4.1 of the report;

b)              the projected capital budget efficiencies of £2.043m including the budget changes, as set out in Appendix D to the report; and

c)              the projected overspend on Special Expenses of £1.7k, as set out in paragraph 4.6 of the report.

The Cabinet Portfolio Holder for Finance, Councillor Virdi, presented the report of the Director – Finance and Corporate Services, which detailed the Quarter 3 budget position for revenue and capital.

Councillor Virdi advised that the Council remained in a strong and resilient position, with a projected revenue budget efficiency of £1.304m, reflecting careful financial management across the organisation and providing an important buffer against local and national pressures. Appendix A set out proposals to carry budget forward and he referred to the favourable variances and budget pressures as detailed in paragraph 4.1 of the report. In respect of the Capital Programme, Councillor Virdi advised that the report currently forecast a £2.043m underspend, largely due to reprofiling of a number of schemes, as detailed in Table 2. The report detailed wider financial pressures, as highlighted in paragraphs 4.9 and 4.10, and Cabinet noted the emerging pressures, including LGR with £0.661m in reserve, with an additional £0.635m proposed to be earmarked. Councillor Virdi confirmed that the Transformation and Efficiency Plan continued to perform strongly, as detailed in paragraph 4.11 and it was noted that Simpler Recycling would create pressures going forward. In conclusion, Councillor Virdi stated that overall, this was a positive message, the Council remained financially well managed, whilst proactively delivering efficiencies.    

In seconding the recommendation, Councillor J Wheeler referred to the importance of financial resilience and stated that it was important not to under estimate the hard work undertaken by officers and Councillors to maintain this. Given LGR, it was also important not to take things for granted, and to remain robust and resilient.

It was RESOLVED that the report be approved and the following be noted:

a)              the projected revenue budget efficiency for the year of £1.304m and proposals to earmark this for cost pressures, as set out in Appendix A and paragraph 4.1 of the report;

b)              the projected capital budget efficiencies of £2.043m including the budget changes, as set out in Appendix D to the report; and

c)              the projected overspend on Special Expenses of £1.7k, as set out in paragraph 4.6 of the report.