Agenda item

*RESOLVED –

1.   That the updated budget projections for 2018/19 and future years, as detailed in Appendix A of the officer’s report, be noted.

2.   That work to refine the draft estimates and to identify further budget saving proposals be continued.

REASON FOR DECISIONS

To keep Members informed on the development of the budget proposals for 2019/20 and to provide an update on the medium term financial forecasts.

The Director of Finance and Resources submitted a report to update members on the development of the General Fund Revenue Budget Summary for 2019/20 and future years.

The latest revised budget for 2018/19 showed a projected breakeven position. The report attributed this to successfully applying for VAT exemption on sporting activities, increased interest on investments, and procurement savings with regards to gas and electricity suppliers and the refuse collection contract.

The report provided an update on the Medium Term Financial Forecast. The latest projected deficit for 2019/20 was £280k, increasing to £1.3m by 2023/24. The deficit position for 2019/20 assumed savings from the ICT Transformation Programme of £250k; if these savings were not achieved this would have an adverse impact on the deficit.

The Director of Finance and Resources advised that, in advance of the final budget for 2019/20 being agreed by full Council on 27 February, 2019, work would be undertaken between Cabinet Members and the Corporate Management Team to continue to identify further savings and income generation proposals.

*RESOLVED –

1.   That the updated budget projections for 2018/19 and future years, as detailed in Appendix A of the officer’s report, be noted.

2.   That work to refine the draft estimates and to identify further budget saving proposals be continued.

REASON FOR DECISIONS

To keep Members informed on the development of the budget proposals for 2019/20 and to provide an update on the medium term financial forecasts.