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Meeting: 08/01/2020 - Cabinet (Item 3a)

3a REVENUE & CAPITAL MONITORING 2019/20 FORECAST OUTTURN STATEMENT - MONTH 7 pdf icon PDF 347 KB

Divisions/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, accommodating capital slippage and approved reserve usage.

 

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:Mark Howcroft – Assistant Head of Finance

 

Contact Details: markhowcroft@monmouthshire.gov.uk

Decision:

That Members consider a net revenue forecast of £3.99m deficit, and the one off adjustments designed to return a balanced position (£245k surplus) prior to the end of March 2020.

 

That Members note the 85% delivery of the budget setting savings agreed by full Council previously and a need for remedial action/savings in respect of circa 15% savings (£994k) reported as delayed or unachievable by service managers.

 

That Members consider the capital outturn spend of £39.38m, introducing a £384k anticipated underspend, and the presumptions made around net financing consequences as per para 4.4.

 

Members note the extent of movements in reserve usage, including individual budgeted draws on school balances, and on current prudent financial planning assumptions.(para 5.2 onwards).