Issue - meetings

Division/Wards Affected: All

Purpose: The purpose of this report is to provide Members with information on the revenue and capital outturn position of the Authority based on capital slippage and reserve approval and deferment.

This report will also be considered by Select Committees as part of their responsibility to,

•      assess whether effective budget monitoring is taking place,

•      monitor the extent to which budgets are spent in accordance with agreed budget and policy framework,

•      challenge the reasonableness of projected over or underspends, and

•      monitor the achievement of predicted efficiency gains or progress in relation to savings proposals.

Author: Peter Davies – Chief Officer – Resources;

Dave Jarrett – Senior Accountant Business Support

Contact Details: peterdavies@monmouthshire.gov.uk

That Cabinet consider a net revenue forecast of £2.4m deficit, and evolving recovery plan necessary to return a balanced position prior to end March 2020.

That Cabinet note the 88% delivery of the budget setting savings agreed by full Council previously and a need for remedial action/savings in respect of circa 12% savings (£748k) reported as delayed or unachievable by service managers.

That Cabinet consider the capital outturn spend of £35.493m, introducing a £24k anticipated overspend, and the presumptions made around net financing consequences as per para 3.19.

That Cabinet note the extent of movements in reserve usage, including individual budgeted draws on school balances, and their effect on current prudent financial planning assumptions as outlined in para 5.2.