Decision details

Revenue Monitor and Capital Investment Programme 2017/18 Quarter 3 - December 2017

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Decisions:

The Cabinet gave consideration to a report of the Director of Finance which provided Members with an update on the Council’s 2017/18 revenue budget position and the financial position of the capital programme as at 31 December 2017, together with the revised capital programme 2017/21.

Revenue Position

The current forecast outturn position for 2017/18 was a projected favourable variance of £0.146m after allowing for approved and pending transfers to and from reserves.

Corporately, whilst there was a projected underspend at the end of the financial year, it was key to note the fluctuations contained within the net position. There were 2 portfolios: Health and Wellbeing and Economy, Skills and Neighbourhoods with adverse variances, the most significant being that of Children’s Social Care within Health and Wellbeing, a demand led service that was under pressure to deliver within the current budget allocation.

There was a projected overspend of £3.882m within the Health and Wellbeing Portfolio attributable in main to Children’s Social Care and a reported pressure of £0.655m within the Economy, Skills and Neighbourhoods Directorate.

The total forecast overspend within the Health and Wellbeing and Economy, Skills and Neighbourhoods portfolios was being offset by a projected underspend of £4.413m within Capital, Treasury and Corporate Accounting.

Capital Position

The most up to date capital spending proposals for 2017/21 were provided to Members. The revised Capital programme budget was £25.490m at the close of quarter 3, a net decrease of £10.393m from the revised budget at month 8 of £35.882m. Actual expenditure to 31 December 2017 was £17.416m (68.15% of forecast outturn).

It was reported that at this stage in the financial year, the forecast position would continue to change with additional re-profiling into future years.

Options/Alternatives considered

Option 1 – To approve the forecast revenue and capital positions presented in the report including proposed changes.

Option 2 – To approve some of the forecasts and changes detailed within the report.

Option 3 – Not to approve any of the forecasts and changes detailed within the report.

 

RESOLVED – That:

  1. The forecast revenue outturn for 2017/18 at Quarter 3 being a £0.146m under spend be approved.
  2. The forecast positions for both the Housing Revenue Account and Collection Fund as detailed within the report be approved.
  3. The use of reserves as detailed in Appendix 1 to Annexe 1 of the report be approved.
  4. The revised capital programme for 2017/21 as at Quarter 3 be approved.

 

 

Publication date: 27/03/2018

Date of decision: 26/03/2018

Decided at meeting: 26/03/2018 - Cabinet

Effective from: 04/04/2018

Accompanying Documents: