Issue - meetings

Financial Monitoring Report

Meeting: 29/01/2020 - Cabinet (Item 7)

7 Financial Monitoring Report 2019/20 pdf icon PDF 128 KB

To consider an update on the year-end forecast for the 2019/20 County Council’s Revenue and Capital Budgets

Decision:

Cllr Lynden Stowe, Cabinet Member for Finance and Change, gave an update on the year end forecast for the 2019/20 County Council’s Revenue and Capital Budgets.

 

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

           

RESOLVED to: -  

 

1.    Note the forecast revenue year end position as at the end of November 2019 (Period 8) for the 2019/20 financial year as a balanced position;  

 

2.    Approve a transfer of £0.437 million from the Rates Retention Reserve as part of the on going review of Revenue Reserves;

 

3.    Note the forecast capital year end position as at the end of November 2019 of £107.433 million against the revised budget of £109.837;

 

4.    Approve the £0.470 million increase to the capital programme as outlined in Section C of the report.

 

Minutes:

Cllr Lynden Stowe, Cabinet Member for Finance and Change, gave an update on the year end forecast for the 2019/20 County Council’s Revenue and Capital Budgets.

 

Cllr Stowe reported a forecast revenue year end position as at the of end of November 2019 (Period 7) with a balanced budget of £429.661 million.  He stated that this had been achieved following a comprehensive review of reserves and making in year efficiencies. Cllr Stowe explained that this net position masked a significant forecast overspend in Children and Families of £13.362 million and reflected continuing pressure on external placements and staffing budgets for safeguarding children.

 

Cllr Stowe informed members that the budget proposals proposed by the revenue and capital budget 2020-21 aimed to address the vast investment required in delivering children and families services. 

 

Economy, Environment & Infrastructure Budgets were forecast to overspend by £0.478 million. Gloucestershire Fire and Rescue Service and Regulatory Services were forecasting a minor overspend of £0.136 million. The overspends would be offset by a number of underspends, many of them one-off, identified in corporate budgets; one-off contributions from reserves and in-year efficiencies.

 

The forecast year end capital position was reported at £107.433 million. This would allow a slight in year slippage of £2.404 million with no impact on the overall cost of the capital programme. Cllr Stowe proposed an increase of £0.470 million to the capital programme, as detailed in the report.

 

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

           

RESOLVED to: - 

 

1.    Note the forecast revenue year end position as at the end of November 2019 (Period 8) for the 2019/20 financial year as a balanced position; 

 

2.    Approve a transfer of £0.437 million from the Rates Retention Reserve as part of the on going review of Revenue Reserves;

 

3.    Note the forecast capital year end position as at the end of November 2019 of £107.433 million against the revised budget of £109.837;

 

4.    Approve the £0.470 million increase to the capital programme as outlined in Section C of the report.