The Deputy Leader of The County Council presented a report setting out the Financial Position as at 30June 2015; the latest position in respect of the County Council's reserves; and the County Council's updated financial outlook and Medium Term Financial Strategy for the period 2016/17 to 2020/21.
Resolved: That:
i. the forecast overspend of £33.251m on the revenue budget in 2015/16 and ongoing pressure of £45.646m be noted
ii. the position in respect of the Council's reserves be noted and the transfers outlined in the report be agreed
iii. the revised funding gap of £223.200m as set out in the revised financial outlook forecast for the Council be noted.
The Committee considered a report on the County Council's Financial Position as at 30June 2015; the latest position in respect of the Council's reserves; and the Council's updated financial outlook and Medium Term Financial Strategy for the period 2016/17 to 2020/21.
Agenda items 3c to 3f were considered as part of this report
It was reported that the Budget Scrutiny Working Group would have the opportunity to discuss the report and its implications in more detail. Officers would also be happy to meet with individual political groups to discuss the report and the financial pressures facing the Council.
Resolved: That the recommendations set out in the report to Cabinet be noted, and that no additional comments or suggested alternative recommendations be made.