Decision details

That Cabinet notes the extent of forecast revenue overspend at period 1 of £1.37 million.

That Cabinet requires Chief Officers to provide information on how the overspend position will be brought back within budget, including alternative plans to deliver the £301,000 mandated savings reported as not achievable in the next monitoring report.

That Cabinet requires Directors to review levels of over and underspends and reallocate budgets to reduce the extent of compensatory positions needing to be reported prior to month 6 reporting.

That Cabinet appreciates the extent of predicted schools reserve usage and the anticipation that 13 schools will be in a deficit position by end of 2016-17.

That Cabinet considers the capital monitoring which exhibits only a small variance to budget as a result of recent Cabinet and Council approval on Caerwent House.

That Cabinet recognises the risk associated with having to rely on a use of capital receipts in the year anticipated and the potential for this to have significant revenue pressures should receipts be delayed and temporary borrowing be required.