Decision details

Revenue Budget Monitoring Quarter 3

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No


The Cabinet agreed:

(i)         The reduction of £2,500,000 in the Revised Budget 2018/19 arising from the approved Budget Amendment is met by the following:


a)         Reducing the Revenue Contribution to the Capital Reserve by £1,436,000 which, in turn, requires each of the capital schemes outlined in Section 5 to be reduced by the amounts shown


b)         A transfer from Portfolio Reserves (i.e. appropriation) of £1,064,000 as outlined in Sections 5 & 6.


(ii)        The resulting £2,500,000 increase is used to re-instate the Other Expenditure budget to meet the estimated loss arising from the disposal of Victory Energy Supply Limited


(iii)       Members noted:


(a)       A forecast overspend of £2,322,000 before further forecast transfers (from)/to Portfolio Reserves


(b)       A forecast overspend of £812,600 after further forecast transfers (from)/to Portfolio Reserves


(c)        That any actual overspend at year end will, in the first instance, be deducted from any Portfolio Specific Reserve balance and once depleted then be deducted from the 2019/20 Cash Limit.


(d)       That on 12th February 2019 City Council approved that any underspending for 2018/19 arising at year-end outside of those made by Portfolio's be transferred to Capital resources.


(iv)       Directors, in consultation with the appropriate Cabinet Member, consider options that seek to minimise any forecast overspend presently being reported and prepare strategies outlining how any consequent reduction to the 2019/20 Portfolio cash limit will be managed to avoid further overspending during 2019/20.

Report author: Julian Pike

Publication date: 26/03/2019

Date of decision: 25/03/2019

Decided at meeting: 25/03/2019 - Cabinet

Accompanying Documents: