To report the quarter 3 revenue budget monitoring 2018/19.

1.      That the revenue forecast outturn position of an overspend of £1.9M (before the release of the contingency), be noted.

2.      That the budget includes £2.1M of contingency against which no call has yet been made.  If this contingency is released, then this results in an underspend of £0.2M.

3.      To request officers to continue to look for compensatory savings in order to deliver a balanced budget (before contingency).

4.      That the Chief Executive and the Director of Resources (s.151 Officer), in consultation with the Leader and Deputy Leader and Executive Member for Corporate Resources, be authorised to approve the 2018/19 revenue, capital and HRA provisional financial outturn positions, subject to audit, as set out in paragraphs 1-3 in the report.

5.      That this delegation is subject to the final outturn position not being more than 1% over/under net budget.

The Executive considered a report from the Deputy Leader and Executive Member for Corporate Resources that set out the forecast outturn position as at December 2018.

Members noted that the year-end forecast was again for a slight underspend, maintaining the 8 year track record of Central Bedfordshire Council achieving its budget. The Deputy Leader and the Executive Member for Corporate Resources and the Chairman passed on their thanks to officers.

Reason for decision:  To facilitate effective financial management and planning.

RESOLVED

1.      that the revenue forecast outturn position of an overspend of £1.9M (before the release of the contingency), be noted;

2.      that the budget includes £2.1M of contingency against which no call had yet been made.  If this contingency was released, then this results in an underspend of £0.2M;

3.      to request officers to continue to look for compensatory savings in order to deliver a balanced budget (before contingency);

4.      that the Chief Executive and the Director of Resources (s.151 Officer), in consultation with the Leader and Deputy Leader and Executive Member for Corporate Resources, be authorised to approve the 2018/19 revenue, capital and HRA provisional financial outturn positions, subject to audit, as set out in paragraphs 1-3 in the report; and

5.      that this delegation was subject to the final outturn position not being more than 1% over/under net budget.