Issue - meetings

Money Matters 2018/19 Position - Quarter 1

Meeting: 13/09/2018 - Cabinet (Item 5)

5 Money Matters 2018/19 Position - Quarter 1 pdf icon PDF 140 KB


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Cabinet received a report providing the first quarterly update on the county council's 2018/19 financial position as at the end of June 2018. The report included an update on the current year's financial position for both revenue and capital, and an updated Medium Term Financial Strategy (MTFS).


It was reported that progress had been made to address the significant financial pressures faced by the council, but much work was still required to ensure the council could achieve a financially sustainable position over the strategy period.


Resolved: That:


  i.  the current forecast overspend of £2.680m on the revenue budget in 2018/19 be noted.

  ii.  the reduced funding gap of £135.300m covering the period 2019/20 to 2022/23 as set out in the revised financial outlook forecast for the council, be noted.

  iii.  the budget adjustments for 2019/20, and following years' increases, included in the revised MTFS, be approved

  iv.  the contents of the county council's reserves position be noted, and the transfers between reserves contained within the report be approved.

  v.  the re-profiled Capital Delivery Programme of £114.817m for 2018/19 be approved.

  vi.  the current forecast under-delivery of £3.435m on the capital programme in 2018/19 be noted.