Agenda item

To receive and consider the attached report and recommendations of the Cabinet held on 3 March 2016 (minute 11 refers).

The following minute was approved unopposed -

Minute 11 - Treasury Management Policy for 2016/17

The following minute was opposed -

Minute 12 - Budget and Performance Monitoring 2015/16 (3^rd Quarter) to end December 2015

It was

Proposed by Councillor Donna Jones

Seconded by Luke Stubbs

That the recommendations contained in Cabinet minute 12 - Budget and Performance Monitoring 2015/16 (3^rd Quarter) to end December 2015 be approved.

As an amendment it was

Proposed by Councillor Gerald Vernon-Jackson

Seconded by Councillor Hugh Mason

To add new para (iv) a further report to be brought forward to cabinet about possible additional cuts to local government to fund the additional £4billion cuts announced by the Chancellor in the budget last week.

Councillor Donna Jones, as proposer of the original recommendations agreed to subsume the amendment into the original proposal.  Upon the Cabinet recommendation incorporating the amendment being put to the vote, this was CARRIED.

RESOLVED that

(i)            The forecast outturn position for 2015/16 be noted:

(a)       An underspend of £1,727,700 before further forecast transfers from/to Specific Reserves

(b)       An underspend of £1,481,000 after further forecast transfers from/to Specific Reserves.

(ii)          Members note:

(a)       that on 9^th  February 2016 City Council approved that the "clawback" requirement for overspendings be waived for 2015/16 for both the Children & Education Portfolio and the Health & Social Care Portfolio given the scale of those overspendings and also that the financial risks contained therein were fully provided for within the Council's contingency provision

(b)       that on 9^th  February 2016 City Council approved that any underspending for 2015/16 arising at year-end outside of those made by Portfolios (currently forecast at £1,481,000) be transferred to Capital Resources.

(c)       that all other actual portfolio overspends at year end will in the first instance be deducted from any Portfolio Specific Reserve balance and once depleted then be deducted from the 2016/17 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 2016/17 Portfolio cash limit will be managed to avoid further overspending during 2016/17.

(iv)        A further report to be brought forward to Cabinet about possible additional cuts to local government to fund the additional £4billion cuts announced by the Chancellor in the budget last week.