Issue - meetings

Background:

This report detailed the revenue budget forecasts as at the end of Quarter 3 (October - December 2011).

It was noted that the returns from budget managers forecast a potential underspend of £195,000 compared to the potential overspend of £5.1m reported in quarter 2. Management action to control expenditure, less than anticipated demand on some services and additional income receipts, had combined to achieve a significant reduction in forecasts.

The Cabinet agreed to accept this report as urgent to enable Cabinet to receive and consider the third quarter budget monitoring information at the earliest opportunity.

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