Agenda item

Revenue Budget Monitoring 2019-20 - Quarter 1

Report of the Managing Director

Minutes:

The Cabinet Member with the Efficiency and Resources Portfolio introduced the report of the Managing Director (previously circulated) providing an early forecast of the 2019/20 revenue budget outturn as part of the Council’s continuous financial management process and informing Cabinet of the budget rebasing exercise carried out following the 2018/19 outturn results.

 

The submitted report stated that the latest projections following the budget rebasing exercise showed an overall improvement of £0.679m, which was primarily due to the rebasing exercise which returned £0.511 to general reserves, along with £0.168m of balances following the 2018/19 outturn underspend; the risk contingency established in the Medium Term Financial Plan (MTFP) for Children’s Services of £0.308m had been required and utilised; and that overall departmental expenditure, taking into account the rebasing exercise, was forecasting a break-even position.

 

RESOLVED – (a)  That the forecast revenue outturn for 2019/20, as detailed in the submitted report, be noted.

 

(b)  That further regular reports be made to monitor progress and take prompt action if necessary.

 

REASONS – (a)  To continue effective management of resources.

 

(b)  To continue to deliver services to agreed levels.

 

Supporting documents: