The Portfolio Holder for Finance presented a report from the Head of Finance, Governance and Assurance [s151 Officer] that set out the projected revenue expenditure for the whole of 2018/19 as at Quarter 1, and for capital set out the expenditure up to the end of period Quarter 1.

RESOLVED:

i)     That it be noted that at the end of Quarter 1 (30 June 2017), the full year revenue forecast is a potential overspend of £6.790m;

ii)    That the impact of this on the Council’s General Fund balance be considered.

iii)   That it be noted that a budget virement, as detailed in Appendix 2, that had taken place at period 3 to allocate pay award funding had not been distributed at budget setting, due to the value of the pay award not having been agreed at that time.