Agenda item

RESOLVED –

That Cabinet recommend to full Council that:

1.   The Council’s financial performance in the first two months of the financial year 2018/19, as set out in section 4 of the officer’s report, be noted.

2.   The new medium term forecast, as detailed in section 8 of the officer’s report, be noted.

3.   The proposed changes to the medium term forecast, as outlined in section 4 of the officer’s report, be approved.

4.   The proposed use of reserves and the new applications for funding, as set out in section 5 and paragraph 5.2 of the officer’s report respectively, be approved.

5.   The updated capital programme, as set out in section 7 of the officer’s report, be noted.

6.   The additions to the capital programme detailed in paragraph 7.2 of the officer’s report, be approved.

7.   The proposed financing arrangements for the capital programme, as outlined in paragraph 7.3 of the officer’s report, be approved.

8.   The position on Housing Revenue Account budgets, included in section 8 of the officer’s report, be noted.

REASON FOR RECOMMENDATIONS

To actively manage the Council’s finances in the current financial year 2018/19, and forecast forward the emerging budget position to future financial years.

The Director of Finance and Resources submitted a report to update members on the Council’s budget position for 2018/19, covering the General Fund Revenue Budget, General Fund Capital Programme and Housing Revenue Account.

An updated General Fund Revenue budget forecast as at the end of month two of the financial year 2018/19 was included within section 4 of the officer’s report. This showed that the surplus outturn forecast for 2018/19 had already risen from £56k to £298k as a consequence of positive in-year variances to cost and income estimates.

Detailed information on the Council’s reserves and the medium term outlook was provided in sections 5 and 6 of the officer’s report, respectively.

RESOLVED –

That Cabinet recommend to full Council that:

1.   The Council’s financial performance in the first two months of the financial year 2018/19, as set out in section 4 of the officer’s report, be noted.

2.   The new medium term forecast, as detailed in section 8 of the officer’s report, be noted.

3.   The proposed changes to the medium term forecast, as outlined in section 4 of the officer’s report, be approved.

4.   The proposed use of reserves and the new applications for funding, as set out in section 5 and paragraph 5.2 of the officer’s report respectively, be approved.

5.   The updated capital programme, as set out in section 7 of the officer’s report, be noted.

6.   The additions to the capital programme detailed in paragraph 7.2 of the officer’s report, be approved.

7.   The proposed financing arrangements for the capital programme, as outlined in paragraph 7.3 of the officer’s report, be approved.

8.   The position on Housing Revenue Account budgets, included in section 8 of the officer’s report, be noted.

REASON FOR DECISIONS

To actively manage the Council’s finances in the current financial year 2018/19, and forecast forward the emerging budget position to future financial years.