Issue - meetings

Financial Monitoring Report 2018-19

Meeting: 30/01/2019 - Cabinet (Item 6)

6 Financial Monitoring Report 2018-19 pdf icon PDF 153 KB

To provide an update on the year-end forecast for the 2018/19 County Council’s Revenue and Capital Budgets

 

Decision:

Having considered all of the information, including known proposals, alternative options and reasons for the recommendations, Cabinet noted the report and

 

RESOLVED to:

 

1 Note the forecast revenue year end position as at the end of November 2018 for the 2018/19 financial year of a net £0.957 million overspend. This represents a £1.259 million improvement on the previous position reported to Cabinet.

 

2. Note the forecast capital year end position as at the end of November 2018 of £99.147 million against the current budget of £99.909 million, reporting slippage of £0.762 against the year end target.

 

3. Note the forecast overspend in the Dedicated Schools Grant (DSG) of £5.7 million in 2018/19, which exceeds the £2.3 million of uncommitted DSG balances brought forward and the £1.35 million additional funds announced in December 2018 to support children with special educational needs and also endorses on going discussions with the Schools Forum to agree actions to bring DSG back into balance.

 

4. Approve the addition of £0.004 million to the Adults Capital programme funded by an insurance contribution.

 

5. Approve the addition of £0.214 million to the Highway Capital budget funded from a variety of sources as outlined in the body of the report.

 

6. Approve the addition of £0.111 million to the Libraries Capital programme funded by developer contributions.

 

7. Approve the addition of £0.025 million to the Information Management Capital budget funded by transfer from the GDPR reserve.

 

 

 

Minutes:

Leader of the Council, Cllr Mark Hawthorne, updated members on the year end forecast for the council’s capital and revenue budgets 2018/19.

 

The Leader reported a forecast revenue year end position for the current financial year with a £0.957 million overspend, (on a net budget of £418.081 million). This represented a £1.259 million improvement on the previous position. This net position masked a significant underlying forecast overspend in Children and Families of £10.57 million, (reduced to £7.97 million by using one-off income from the business rate retention pilot). The Leader clarified that this reflected the continuing pressure on external placements and the cost of agency staff to cover vacancies.

 

Overall, the revenue budget was anticipated to be broadly balanced, subject to demand pressures.

 

Cabinet was asked to note the transfer movements detailed at recommendations 4,5,6 and 7 of the cabinet report before making their decision.

 

Having considered all of the information, including known proposals, alternative options and reasons for the recommendations, Cabinet noted the report and

 

RESOLVED to:

 

1. Note the forecast revenue year end position as at the end of November 2018 for the 2018/19 financial year of a net £0.957 million overspend. This represents a £1.259 million improvement on the previous position reported to Cabinet.

 

2. Note the forecast capital year end position as at the end of November 2018 of £99.147 million against the current budget of £99.909 million, reporting slippage of £0.762 against the year end target.

 

3. Note the forecast overspend in the Dedicated Schools Grant (DSG) of £5.7 million in 2018/19, which exceeds the £2.3 million of uncommitted DSG balances brought forward and the £1.35 million additional funds announced in December 2018 to support children with special educational needs and also endorses on going discussions with the Schools Forum to agree actions to bring DSG back into balance.

 

4. Approve the addition of £0.004 million to the Adults Capital programme funded by an insurance contribution.

 

5. Approve the addition of £0.214 million to the Highway Capital budget funded from a variety of sources as outlined in the body of the report.

 

6. Approve the addition of £0.111 million to the Libraries Capital programme funded by developer contributions.

 

7. Approve the addition of £0.025 million to the Information Management Capital budget funded by transfer from the GDPR reserve.