Agenda item

Financial Monitoring Report 2017/18

Cabinet to consider an update on the year-end forecast for the 2017/18 County Council’s Revenue and Capital Budgets.

Decision:

Cllr Ray Theodoulou, Cabinet Member for Finance and Change, gave an update on the year-end forecast for the 2017/18 County Council’s Revenue and Capital Budgets.

 

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

 

RESOLVED to: -

 

1.    Note the forecast revenue year end position, as at the end of October 2017 for the 2017/18 financial year, of a net £0.214 million underspend.

 

2.    Approve the drawdown of £0.921million from the Ordinary Residence(OR) Reserve to fund a back dated OR payment

 

3.    Note the forecast capital year end position, as at the end of October 2017, of £109.277 million against a re-profiled budget of £106.730 million resulting from additional planned scheme spend of £2.546 million with additional funding expected to be confirmed within the next month

 

4.    Note a capital budget re-profiling exercise that has taken place since the previous Cabinet Finance Monitoring report – as outlined in Section B of this report. This re-profiling has been approved in accordance with the formal scheme of delegation to officers and there is no impact on the overall value of the approved capital programme.

 

5.    Approve the revenue contribution to capital of £0.123 million from the Highways Locals Budget to the Highway Capital Budget to support the completion of capital schemes

 

6.    Approve the allocation of £0.013 million Section 106 developer contributions towards St Paul’s Primary garden room capital project

 

7.    Note the overall increase to the Capital programme taking into account the above changes of £0.136 million

 

 

 

Minutes:

Cllr Ray Theodoulou, Cabinet Member for Finance and Change, gave an update on the year-end forecast for the 2017/18 County Council’s Revenue and Capital Budgets.

 

Cllr Theodoulou reported a forecast revenue year end position with an underspend of £0.214 million, including a number of significant variances within the following budget areas:- 

 

The Adult Services Budget reported a forecast underspend at the year end of £0.420 million. (This was after making use of the Adult Social Care Levy and the Adult Social Care Support Grant). Cllr Theodoulou proposed drawing down £0.921 million from the Ordinary Residence Reserve to fund any backdated Ordinary Residence cases.

 

The Children and Families Budget reporteda forecast overspend of £9.38 million. Cllr Theodoulou explained that this position was prior to applying £3.05 million from the Vulnerable Children’s Reserve. When applied, this would reduce the overspend to £6.33 million. It was noted that the increase in the overspend from the previous report was due to increased costs for safeguarding staff and youth support services. Members were advised that the financial pressures were largely due to the increase in the number of children coming into care and the increasing pressure against external agency placement and safeguarding budgets. The number of children coming into care increased from 479 in April 2014 to 645 in October 2017.

 

Financial pressures within the Children and Families Budget were being offset by positive variances within corporate budgets. 

 

Cllr Theodoulou reported a forecast capital year end position of £109.277 million against the re-profiled budget. The re-profiled capital budget for 2017/18 was £106.730 million, £13.993 million lower than the capital budget and after seeking new approvals at the cabinet meeting in November 2017.

 

Cllr Theodoulou proposed increases totalling £0.136 million, achieved from a combination of revenue contributions and external contributions.

 

Cllr Theodoulou informed members that the current financial position was anticipated. If it should continue, it was likely the budget would result in a balanced budget.

 

Cllr Vernon Smith, Cabinet Member for Highways and Flood, expressed his appreciation and thanks to the Highway Team and to Gloucestershire Fire and Rescue Service for their commendable efforts during the recent period of bad weather.

 

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

 

RESOLVED to: -

 

1.    Note the forecast revenue year end position, as at the end of October 2017 for the 2017/18 financial year, of a net £0.214 million underspend.

 

2.    Approve the drawdown of £0.921million from the Ordinary Residence (OR) Reserve to fund a back dated OR payment

 

3.    Note the forecast capital year end position, as at the end of October 2017, of £109.277 million against a re-profiled budget of £106.730 million resulting from additional planned scheme spend of £2.546 million with additional funding expected to be confirmed within the next month

 

4.    Note a capital budget re-profiling exercise that has taken place since the previous Cabinet Finance Monitoring report – as outlined in Section B of this report. This re-profiling has been approved in accordance with the formal scheme of delegation to officers and there is no impact on the overall value of the approved capital programme.

 

5.    Approve the revenue contribution to capital of £0.123 million from the Highways Locals Budget to the Highway Capital Budget to support the completion of capital schemes

 

6.    Approve the allocation of £0.013 million Section 106 developer contributions towards St Paul’s Primary garden room capital project

 

7.    Note the overall increase to the Capital programme taking into account the above changes of £0.136 million

 

 

 

Supporting documents: