9. Revenue Budget Monitoring 2016/17 (3rd Quarter) to end December 2016 PDF 6 KB
To receive and consider the attached report and recommendations of the Cabinet meeting held on 9 March 2017.
Additional documents:
7. Revenue Budget Monitoring 2016/17 (3rd Quarter) to end December 2016 PDF 74 KB
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.