The Lead Member for Finance and Ascot introduced the latest financial update report and informed that he would not be producing a report for January 2020 Cabinet as officers would be focusing on the budget build, he would however monitor any movement. 

The Lead Member drew to Cabinets attention the last three recommendations that requested approval for:

·         The change in scope to the capital scheme for the Revenues & Benefits Document Management System to include HR modules. 

·         Additional capital budget of £194,000 from the Education and Skills Funding Agency for further enabling works for Forest Bridge School.

·         An additional fully funded capital budget of £289,398 for the provision of squash courts funded from S106.

The Lead Member also highlighted paragraph 4.31.that showed one-off income and pressures for 2019-20 only that were not shown in Appendix A. He also highlighted agenda pack page 106 that showed an increase to £16.6m in borrowing by September 2020.

There was an in-year overspend of £3,742,000 being projected, an increased underspend of £132,000 compared to the projection based on spending to the end of September 2019.

Cllr Jones mentioned that point three of the report summary mentioned that if the overspend was not reduced in would impact on the general reserves.  She asked if the overspend would be reduced and if not how much would be carried forward into the base budget.  The Lead Member responded that he did not believe the overspend would come down and that pressures in children’s and adults services would continue into next year as well as some of the revenue and benefits.  

Cllr Jones said it would be useful to know ow much of the pressures were demand led and how much was not.  It was agreed to discuss this with her outside the meeting.  Cllr Carrol also responded that a significant proportion would be demand led. 

Resolved unanimously: that Cabinet notes the report and endorses the actions proposed:

i)     The council’s projected outturn position for 2019/20 and the mitigations proposed;

ii)    The budget movements since the previous month;

iii)   The projected spend on the capital programme; and

iv)   The projected borrowing for the remainder of the financial year.

v)    Approves Capital programme slippage and variances as detailed in Appendix E.

vi)   Approves the change in scope to the capital scheme for the Revenues & Benefits Document Management System to include HR modules. 

vii)Approves additional capital budget of £194,000 from the Education and Skills Funding Agency for further enabling works for Forest Bridge School.

viii)           Approves an additional fully funded capital budget of £289,398 for the provision of squash courts.