Agenda item

Report of the Cabinet Member for Finance summarising the General Fund and Housing Revenue Account (HRA) revenue financial position for the Authority for the 3 months to the end of September 2016, and highlighting the key issues by portfolio which need to be brought to the attention of Cabinet, attached.

On consideration of the report of the Cabinet Member for Finance, Cabinet agreed the following:

General Fund

i)  Note the current General Fund revenue position for 2016/17 as at Quarter 2, which is a forecast over spend at year end of £3.48M against the working budget, as outlined in paragraph 4 and Appendix 1. 

ii)  Note that the forecast over spend for portfolios is £6.88M as outlined in paragraph 5.

iii)  Note the actions and assumptions being put in place to address the overspend position as described in paragraph 7.

iv)  Note the performance to date with regard to the delivery of the agreed savings proposals approved for 2016/17 as detailed in Appendix 3.

v)  Note the performance against the financial health indicators detailed in Appendix 4.

vi)  Note the performance outlined in the Quarterly Treasury Management Report attached as Appendix 5.

vii)  Note the performance outlined in the Quarterly Collection Fund Statement attached as Appendix 7.

Housing Revenue Account

viii)  Note the current HRA budget monitoring position for 2016/17, as at Quarter 2. There is a forecast overspend at year end of £0.73M against the working budget as outlined in paragraphs 18 and 19 and in Appendix 6.