Issue - meetings

Report of the Cabinet Member for Resources, detailing the financial monitoring for the period to the end of June 2013, attached.

On consideration of the report of the Cabinet Member for Resources, Cabinet noted

(i)  the current General Fund revenue position for 2013/14 as at Month 3 (June), which is a forecast under spend at year end of £151,300 against the budget approved by Council on 13 February 2013, as outlined in paragraph 4. 

(ii)  that the baseline forecast over spend for portfolios is just under £7.1M.

(iii)  that portfolios plan to take remedial action to manage a number of the corporate and key issues highlighted in this report and that the financial impact is reflected in the forecast position.

(iv)  that the Risk Fund includes £5.7M to cover service related risks, (following the allocation of £94,400 to portfolios), and that the estimated draw at Month 3 is £4.9M to cover expenditure which is included within the baseline forecast portfolio over spend of £7.1M.  The portfolio position after the draw from the Risk Fund is an over spend of £2.2M.

(v)  that £219,000 has been allocated from the contingency to reflect changes to the non residential care (NRC) contributions policy for adult social care as approved by Cabinet on 23 April 2013.

(vi)  that £128,800 has been allocated from the contingency as approved by Cabinet on 18 June 2013 in order to provide the additional resources that it is forecast will enable the implementation of the recommendations from the Scrutiny Panel A Welfare Reforms Inquiry in full.

(vii)  that it has been assumed that the remaining contingency, which stands at £110,700, will be fully utilised by the end of 2013/14.

(viii)  the revised minimum balance of £5.5M, as approved by Council on 13 February 2013, as recommended by the Chief Financial Officer in line with good practice guidance.

(ix)  the forecast level of balances which will not fall below the revised minimum level of £5.5M in the medium term based on the current forecast.

(x)  the performance to date with regard to the delivery of the agreed savings proposals approved for 2013/14 as detailed in Appendix 10

(xi)  the performance against the financial health indicators detailed in Appendix 11; and

(xii)  the performance outlined in the Quarterly Treasury Management Report attached as Appendix 12.

(xiii)  the current HRA budget monitoring position for 2013/14, as at Month 3 (June). There is a forecast over spend at year end of £289,600 against the budget approved by Council on 13 February 2013, as outlined in paragraph 37.