Issue - meetings

Issue - meetings

Period 9 (Quarter 3) – 2016/17 Revenue Budget Monitoring

Meeting: 04/04/2017 - EXECUTIVE (Item 134)

134 Revenue Budget Monitoring Provisional Forecast Outturn December 2016 (Quarter 3) pdf icon PDF 15 KB

 

The report sets out the provisional forecast outturn financial position for 2016/17 as at the end of December 2016.

Additional documents:

Decision:

1.      That the revenue forecast outturn position which is currently to overspend budget by £1.2M be noted.

2.      That officers continue to look for compensatory savings in order to deliver a balanced budget.

3.      To authorise the Chief Executive and the Director of Resources (s.151 Officer), in consultation with the Leader and the Deputy Leader and Executive Member for Corporate Resources, to approve the 2016/17 revenue, capital and HRA provisional financial outturn positions, subject to audit. 

4.      The delegation in 3 above is subject to the final outturn position not being more than 1% over/under net budget.

 

Minutes:

 

The Executive considered a report from the Deputy Leader and Executive Member for Corporate Resources that set out the provisional forecast outturn financial position for 2016/17 as at December 2016.  The revenue forecast outturn position was an overspend of £1.2M. 

 

It was noted that in previous years the provisional financial outturn had been reported to the Executive meeting in June to formally agree the accounts, subject to audit.  This year the Council was working towards a shorter timescale for the approval of the Statement of Accounts, aiming to complete the draft set by end of May.  The following year this timescale would become compulsory and it was important for both the Council and its external auditors to try to achieve this in 2017 in order to validate the process.  It was still anticipated that the Statement would be reported to the Executive in June.   

 

Reason for decision:  To maintain rigour and transparency through the Executive’s regular public monitoring of the revenue budget.

 

RESOLVED

 

1.      that the revenue forecast outturn position which was currently to overspend budget by £1.2M be noted;

 

2.      that officers continue to look for compensatory savings in order to deliver a balanced budget;

 

3.      to authorise the Chief Executive and the Director of Resources (s.151 Officer), in consultation with the Leader and the Deputy Leader and Executive Member for Corporate Resources, to approve the 2016/17 revenue, capital and HRA provisional financial outturn positions, subject to audit; and

 

4.      the delegation in 3 above is subject to the final outturn position not being more than 1% over/under net budget.