Issue - meetings

Revenue Budget Monitoring 2014/2015 - Period 1

 

 

Meeting: 30/09/2014 - Cabinet (Item 8)

8 Revenue Budget Monitoring 2014/2015 - Round 1 pdf icon PDF 42 KB

Minutes:

Background:

 

This report gave details of the forecast outturn for the 2014/2015 financial year based on actual income and expenditure to July 2014.

 

It was noted that on 20 February 2014 the Council had set a budget requirement of £331.431 million for 2014/2015, with Council Tax increased by 1.995%.

 

This was the first period report and it indicated that, after management action, the outturn forecast for 2014/2015 stood at a potential overspend of  £4.2 million. The report provided explanatory information as to the revenue budget position.

 

Decision number:

Decision:

165/2014

The Cabinet noted the forecast position from the first round of 2014/15 revenue monitoring and instructed Directors to come forward with further proposals for management action to reduce the potential deficit.

 

Reasons:

 

Cabinet has the responsibility to ensure effective budgetary control to contain expenditure within the approved limits set by Council. Where a budget overspend is forecast, Cabinet supported by the Corporate Management Team must identify measures to remove any excess expenditure.