Issue - meetings

Background:

This report gave details of the forecast outturn for the 2012/2013 financial year based on actual income and expenditure to December 2012 (the end of the third quarter).

It was noted that on 23 February 2012 the Council had set a General Fund net budget requirement of £180.998 million for 2012/2013, with Council Tax frozen at 2010/2011 levels.

This was the third quarterly report and it indicated, after management action, the outturn forecast for 2012/2013 stood at a potential underspend of  £224,000, which compared to a forecast overspend of £961,000 at quarter two.

The Cabinet accepted this report as urgent to enable it to receive and consider the first 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.