Issue - meetings

First Quarter Revenue Budget Monitoring 2011/2012

 

 

Meeting: 02/08/2011 - Cabinet (Item 9)

9 Revenue Budget Monitoring 2011/2012 pdf icon PDF 39 KB

Minutes:

Background:

 

This report gave details of the forecast outturn for the 2011/2012 financial year projected based on actual income and expenditure to June 2011 (the end of the first quarter).

 

It was noted that on 24 February 2011 the Council had set a General Fund net budget requirement of £184.959m for 2011/2012 (Medway Council £184.619m and Parish Councils £0.341m). Council Tax had been frozen at 2010/2011 levels.

 

This was the first quarterly report and it indicated, after management action, the outturn forecast for 2011/2012 stood at a £4m overspend.

 

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:

98/2011

The Cabinet noted the result of the first round of revenue monitoring for 2011/2012 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.