Issue - meetings

To receive and consider the attached report and recommendations of the Cabinet meeting held on 9 March 2017.

The purpose of the report by the Director of Finance & S151 Officer is to update members on the current Revenue Budget position of the Council as at the end of the third quarter for 2016/17 in accordance with the proposals set out in the “Portsmouth City Council - Budget & Council Tax 2017/18 & Medium Term Budget Forecast 2018/19 to 2020/21” report approved by

the City Council on the 14th February 2017.

RECOMMENDED to Council:

(i) The forecast outturn position for 2016/17 be noted:

(a) An underspend of £1,287,400 before further forecast transfers

from/(to) Portfolio Specific Reserves & Ring Fenced Public Health

Reserve

(b) An underspend of £1,118,200 after further forecast transfers from/(to)

Portfolio Specific Reserves & Ring Fenced Public Health Reserve.

(ii) Members note:

(a) 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 2017/18 Cash Limit.

(b) That on 14th February 2017 City Council approved that any

underspending for 2016/17 arising at year-end outside of those made

by Portfolios (currently forecast at £1,118,200) be transferred to Capital

resources.

(iii) 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 2017/18 Portfolio cash limit will be managed to avoid further overspending during 2017/18.