Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2017/060

Contact: Katy Jurczyszyn, Strategic Finance Manager (Finance, Strategy & Monitoring) Tel: 07584 909518

Report by Director of Finance (CA6).

This is the second financial monitoring report for 2017/18 and focuses on the delivery of the 2017/18 budget based on projections at the end of August 2017.  Parts 1 and 2 include projections for revenue, reserves and balances.   Capital Programme monitoring and update is included at Part 3. 

The Cabinet is RECOMMENDED to:

(a)          note the report;

(b)          approve the virement requests set out in Annex 2a;

(c)          note the Virements set out in Annex 2b;

(d)          approve the bad debt write offs set out in paragraphs 43 and 44;

(e)          agree the requests for new reserves set out in paragraphs 51 and 52;

(f)           note the Treasury Management lending list at Annex 3;

(g)          approve the updated Capital Programme at Annex 7 and the associated changes to the programme in Annex 6c.

Recommendations agreed.

Cabinet considered the second financial monitoring report for 2017/18 that focused on the delivery of the 2017/18 budget based on projections at the end of August 2017.  Parts 1 and 2 included projections for revenue, reserves and balances.   Capital Programme monitoring and update was included at Part 3. 

Councillor Helen Evans, Shadow Cabinet Member for Finance, highlighted the increased overspend from that reported in July. She detailed the areas of overspend in CEF and the unprecedented levels of demand that had led to the overspend despite additional money in the budget. She queried how realistic it was to deliver the available budget and called on the Leader of the Council to lobby Government to use the Autumn Budget to address the funding crisis in Children’s Services.

Councillor Bartholomew, Cabinet Member for Finance responded to the points made commenting that the pressures from raising demand were outside the control of the Council. The Council would always safeguard the vulnerable and managed the central government budget made available. The Council had a long history of managing a balanced budget.

Councillor Bartholomew, in moving the recommendations, introduced the contents of the report and highlighted the management action being taken to reduce the overspend, but that the use of contingency and general budgets at year end was likely.

Kate Jurczyszyn, responding to comments from cabinet explained that the additional numbers in relation to SEND figures were difficult to predict as demand could arise in year as need was identified of those already identified had changing needs.

Councillor Hudspeth added that he regularly wrote to Central Government on behalf of Council following full Council and that he did lobby wherever possible.

RESOLVED:             to:

(a)          note the report;

(b)          approve the virement requests set out in Annex 2a;

(c)          note the Virements set out in Annex 2b;

(d)          approve the bad debt write offs set out in paragraphs 43 and 44;

(e)          agree the requests for new reserves set out in paragraphs 51 and 52;

(f)           note the Treasury Management lending list at Annex 3; and

(g)          approve the updated Capital Programme at Annex 7 and the associated changes to the programme in Annex 6c.