Issue - meetings

REPORT OF THE SERVICE DIRECTOR - RESOURCES

To inform Cabinet of the summary position on revenue income and expenditure forecasts for financial year 2019/20, as at the end of the first quarter.

RESOLVED:

(1)    That the report entitled First Quarter Revenue Monitring 2019/20 be noted:

(2)    That the changes to the 2019/20 General Fund budget, as identified in table 3 and paragraph 8.2, a £239k decrease in net expenditure be approved:

(3)    That the changes to the 2020/21 General Fund budget, as identified in table 3 and paragraph 8.2, a £130k decrease in net expenditure and that these will be incorporated in the draft revenue budget for 2020/21 be noted.

REASON FOR DECISIONS:  Members are able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.

Audio Recording – 22 minutes 48 seconds

The Executive Member for Finance and IT presented the report entitled First Quarter Revenue Monitoring 2019/20.

The following alternative option was considered:

Budget holders had considered the options to manage within the existing budget but considered the variances reported here necessary and appropriate.

The Chairman of the Finance, Audit and Risk Committee presented the referral from the meeting held on 29 July which contained the following recommendation to Cabinet:

(1)     That Cabinet noted this report;

(2)     That Cabinet approved the changes to the 2019/20 General Fund budget, as identified in table 3 and paragraph 8.2, a £239k decrease in net expenditure;

(3)     That Cabinet noted the changes to the 2020/21 General Fund budget, as identified in table 3 and paragraph 8.2, a £130k decrease in net expenditure.  These would be incorporated in the draft revenue budget for 2020/21.

It was proposed by Councillor Ian Albert, seconded by Councillor Martin Stears-Handscomb and:

RESOLVED:

(1)    That the report entitled First Quarter Revenue Monitoring 2019/20 be noted:

(2)    That the changes to the 2019/20 General Fund budget, as identified in table 3 and paragraph 8.2, a £239k decrease in net expenditure be approved:

(3)    That the changes to the 2020/21 General Fund budget, as identified in table 3 and paragraph 8.2, a £130k decrease in net expenditure and that these would be incorporated in the draft revenue budget for 2020/21 be noted.

REASON FOR DECISIONS:  Members would be able to monitor, make adjustments within the overall budgetary framework and request appropriate action of Services who do not meet the budget targets set as part of the Corporate Business Planning process.