Issue - meetings
Revenue Monitor 2014/15 Period 3
Meeting: 30/07/2014 - Cabinet (Item 25)
25 Revenue Monitor 2014/15 Period 3 
PDF 220 KB
Lead Member – Mr Mike Owen, Portfolio Holder for Finance, Resources and Support.
Report of the Head of Finance, Governance and Assurance (Section 151 Officer) is to follow.
Contact – James Walton (01743 255011)
Decision:
(a) That it be noted that at the end of Quarter 1 (27 June 2014), the full year forecast was a potential overspend of £3.225m.
(b) That consideration be given to the impact of this on the Council’s General Fund Balance.
Minutes:
25.1 The Portfolio Holder for Finance, Resources and Support presented a report by the Head of Finance, Governance and Assurance (Section 151 Officer) – copy attached to the signed minutes – which set out the revenue forecast for 2014/15 as at Quarter 1 and identified the current projections on delivery of savings included within the forecast.
25.2 During the ensuing discussion a Member expressed his concern at the number of one off items which had been financed through the use of balances and that savings could still not be qualified with any certainty. He also voiced his disappointment at this stage with the number of proposals for savings delivery which were currently rated as red or amber for this financial year. In response the Leader expressed confidence that the savings would be delivered and commented that the Finance Team were right to be cautious in their reporting of the figures. Savings including those in the Adult Social Care field would not be recorded as having been delivered and given a green rating until such time as it was known they had been achieved for definite at the end of the year.
25.3 Reference was also made to the regular monthly meetings being held between the Directors and Cabinet Members in order to review the financial position and ensure targets were being met for the current year. The meetings also considered the position for the next 2 years.
25.4 RESOLVED:
(a) That it be noted that at the end of Quarter 1 (27 June 2014), the full year forecast was a potential overspend of £3.225m.
(b) That the impact of this on the Council’s General Fund Balance be noted.