Agenda item

(a)  That the latest financial position be noted;

(b)  That the budget virements as listed in paragraph 7 of the report be approved; and

(c)  That the write offs as requested in paragraph 8 of the report be approved.

The Director of Finance & Resources introduced a report that updated on the latest revenue financial position to the end of the third quarter of the 2017/18 financial year and sought approval for virement and write off requests.

The forecast revenue overspend for the year was projected to be £0.65m which was a significant reduction of £0.64m on the previous month due to the inclusion of some additional savings in the adults and communities directorate, contract renegotiation and one off income.  The main causes of the budget pressure were unchanged and were primarily transport for children with special educational needs, temporary accommodation, homelessness and an income shortfall in the cemeteries and crematorium and registrars service.  The management actions being taken to address the forecast overspend were noted and the Director was confident the budget would be balanced by the end of the financial year.

Lead Members discussed the reasons for the pressures on SEN transport and it was noted that there was rising demand as there were more children in the schools system and more with complex needs requiring often expensive types of transport.  In relation to the pressures on the temporary accommodation budget, the Cabinet was already taking significant steps to provide the necessary funding in the budget to acquire more properties to increase the supply of temporary accommodation and asked that any internal capacity issues be addressed to ensure the increased levels of acquisitions proceeded in a timely manner.

At the conclusion of the discussion, the Cabinet noted the revenue position and considered and approved the virement and write off requests as detailed in paragraphs 7 and 8 of the report.

Resolved –

(a)  That the latest financial position be noted;

(b)  That the budget virements as listed in paragraph 7 of the report be approved; and

(c)  That the write offs as requested in paragraph 8 of the report be approved.