Cllr Ray Theodoulou, Cabinet Member for Finance and Change, updated members on the year-end forecast for the 2018/19 County Council’s Revenue and Capital Budgets for the year ending 31 March 2019.
Having considered all of the information, including known proposals, alternative options and reasons for recommendations, Cabinet noted the report and,
1. Note the forecast revenue year end position as at the end of February 2019 for the 2018/19 financial year is a balanced position. This represents a £0.406 million improvement on the previous position reported to Cabinet on 13th March 2019.
2. Approve that the slippage in year on IRIS in 2018/19, currently standing at £0.3 million, is transferred as revenue contribution to capital to support the capital refurbishment of Trevone House.
3. Note the forecast overspend in the Dedicated Schools Grant (DSG) of £4.89 million in 2018/19, which reduces to £1.24 million after adjusting for 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. Note the forecast capital year end position as at the end of February 2019 of £97.786 million against the current budget of £100.504 million – in year slippage of £2.718 million.
5. Approve the addition of £0.025 million to the Adults capital budget funded by a revenue contribution.
6. Approve the addition of £0.074 million to the Highway Capital budget funded from a variety of sources as outlined in the body of the report.
7. Approve the addition of £0.121 million to the ICT Capital budget funded by a revenue contribution from the Adults Contact Centre budget.