Issue - meetings

To consider a report by Councillor Julian Thompson-Hill, Lead Member for Finance and Assets (copy to follow) detailing the latest financial position and progress against the agreed budget strategy.

RESOLVED that Cabinet –

(a)       note the latest financial position and progress against the agreed budget strategy, and

(b)       approve the following transfer to reserves as detailed in Section 6 of the report:

• £72k to the EDRMS Reserve
• £355k to the Strategic Investment Reserve (Extra Care Housing)
• £300k to a Modernising Social Care Reserve.

Councillor Julian Thompson-Hill presented the report detailing the latest financial position and progress against the agreed budget strategy.  He provided a summary of the Council’s financial position as follows –

·        an under spend of £951k was forecast across service and corporate budgets

·        76% of agreed savings had been achieved to date (target £3.061m)

·        highlighted key variances from budgets or savings targets relating to individual service areas

·        a negative movement of £6k on school balances brought forward from 2012/13

·        a general update on the Capital Plan and Housing Revenue Account.

Cabinet was also asked to approve three transfers to reserves as detailed in section 6 of the report.  In response to a question from the Leader, Councillor Thompson-Hill advised that the Council was currently projecting an underspend of £950k at the end of the financial year but that figure was subject to change.

RESOLVED that Cabinet –

(a)       note the latest financial position and progress against the agreed budget strategy, and

(b)       approve the following transfer to reserves as detailed in Section 6 of the report:

• £72k to the EDRMS Reserve
• £355k to the Strategic Investment Reserve (Extra Care Housing)
• £300k to a Modernising Social Care Reserve.