Issue - meetings

Report of the Cabinet Member for Finance informing Cabinet of the Council’s forecast 2019/20 financial position as at the end of September 2019.

Decision:

1.    Cabinet approves the forecast 2019/20 outturn positions for Revenue, Savings and Income Generation and Capital as at the end of September 2019 and notes the variances that require further action. 

Reasons for decision:

1.    The Finance Update Report for Quarter 2 2019/20 of the Cabinet Member for Finance

2.    To keep the Cabinet updated as to the financial position of the authority

3.    Effective budget management is critical to ensuring financial resources are spent in line with the budget and are targeted towards the Council’s priorities

4.    Monitoring enables the early identification of variations against the plan and facilitates timely corrective action

Other options considered and rejected:

None

The Cabinet Member for Finance presented a report which gave Cabinet Members the Council’s forecast financial position as at the end of Quarter 2 (30 September 2019).  He advised that the report had been to the Finance, Economic Development and Corporate Services Overview and Scrutiny Committee for review and they and he were satisfied with the savings, capital and variances as set out in the report. 

The Leader thanked the Cabinet Members and Officers for their work on the budget and despite the variances, he was confident that within the next few weeks a balanced budget would be achieved. 

The Vice Chairman of the Finance, Economic Development and Corporate Services Overview and Scrutiny Committee reported that there had been a robust debate at their meeting and they were satisfied with the responses from the Cabinet Member and that a good plan was in place to bring a balanced budget by the year end. 

The recommendations in the report were proposed, seconded and AGREED:

1.    Cabinet approves the forecast 2019/20 outturn positions for Revenue, Savings and Income Generation and Capital as at the end of September 2019 and notes the variances that require further action.