Issue - meetings

Background:

This report detailed the revenue budget forecasts as at the end of November 2014. The report also highlighted the major financial risks remaining in respect of the 2014/2015 General Fund revenue budget. 

It was noted that the latest round of monitoring returns from budget managers predicted a potential overspend of £2.4 million for non-DSG services, although it was reported that planned management action should reduce this to £2.1 million.  It was reported that whilst this represented a £2.2 million improvement on the position previously reported to Members, it still represented a significant overspend at this stage of the year and directorate management teams would need to continue to identify measures to contain expenditure within the overall budget. Members were advised that the Chief Executive had issued a moratorium notice on 5 December 2014.

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.