Issue - meetings

Revenue Budget Monitoring - Quarter 2

 

 

Meeting: 29/10/2013 - Cabinet (Item 7)

7 Revenue Budget Monitoring 2013/2014 pdf icon PDF 105 KB

Minutes:

Background:

 

This report gave details of the forecast outturn for the 2013/2014 financial year based on actual income and expenditure to September 2013 (the end of the second quarter).

 

It was noted that on 21 February 2013 the Council had set a budget requirement of £348.511 million for 2013/2014, with a Council Tax increase of 1.99%.

 

This was the second quarterly report and it indicated, after management action, the outturn forecast for 2013/2014 stood at a potential overspend of £4.4 million.Directorate management teams would continue to focus attention on identifying management action to contain expenditure within the overall budgets.

 

The Cabinet accepted this report as urgent to enable it to receive and consider the first quarter budget monitoring information at the earliest opportunity. 

 

Decision number:

Decision:

172/2013

The Cabinet noted the forecast position following the second round of quarterly revenue monitoring for 2013/2014 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.