Issue - meetings

The purpose of this report is to update members on the current Revenue Budget position of the Council as at the end of the second quarter for 2017/18 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 that:

(i) The forecast outturn position for 2017/18 be noted:

(a) An underspend of £2,459,200 before further forecast transfers from/(to) Portfolio Specific Reserves & Ring Fenced Public Health Reserve

(b) An underspend of £1,035,500 after further forecast transfers from/(to)

Portfolio Specific Reserves & Ring Fenced Public Health Reserve.

(ii) Members note 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 2018/19 Cash Limit.

(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 2018/19 Portfolio cash limit will be managed to avoid further overspending during 2018/19.

The Cabinet agreed that:

(i) The forecast outturn position for 2017/18 be noted:

(a) An underspend of £2,459,200 before further forecast transfers from/(to) Portfolio Specific Reserves & Ring Fenced Public Health Reserve

(b) An underspend of £1,035,500 after further forecast transfers from/(to)

Portfolio Specific Reserves & Ring Fenced Public Health Reserve.

(ii) Members noted 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 2018/19 Cash Limit.

(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 2018/19 Portfolio cash limit will be managed to avoid further overspending during 2018/19.