Issue - meetings

Purpose

To inform the Cabinet Member of the projected financial position for the portfolio revenue cash limit and capital programme for the current financial year 2018-19. This report sets out the budget position and contributing factors to the projected spend within the portfolio as at the end of December 2018.

RECOMMENDATIONS

That the Cabinet Member notes the Education Portfolio forecast revenue and capital budget positions, as at the end of December 2018, together with the variance and pressure explanations.

The report was introduced by Beverley Pennekett, Finance Manager, who highlighted the following matters:

·      That a year-end overspend of £209k was forecast at the end of the third quarter.

·      The service commenced the year with a portfolio reserve of £437k, against which there were commitments of £216k. The remaining £221k was intended to contribute towards potential pressures during 2018/19.

·      The Education budget at the third quarter stood at £4.39m, a decrease of £1m on the second quarter. This was the result of necessary cash limit adjustments to reflect the contribution to capital programme of £1m that was funded from the Dedicated Schools Grant (DSG).

·      Home to school transport continued to provide a significant budget pressure, with a projected overspend of £300k. 

DECISION:

The Cabinet Member noted the Education Portfolio forecast revenue and capital budget positions, as at the end of December 2018, together with the variance and pressure explanations.