To provide Cabinet with an updated position on the projected outturn for 2014/15.

The Section 151 Officer presented Cabinet with the Budget Monitoring Report giving an updated position on the projected outturn for 2014/15 as at the 31 October 2014.

It was confirmed that the budget was on target for this year and progress has been made on hitting targets for the next two financial years.

The Section 151 Officer pointed out the report is consistent with previous statements but additional items have been added in line with good practice.

The level of bad debts reported is comparable with previous years, and is within acceptable limits.

Details of savings schemes are shown in the new savings monitoring report. Thanks were given to the Audit and Governance Task Group who gave their comments about the report, which has been implemented following an external audit recommendation. The information within the report shows savings are being delivered in line with the decisions made by council in February 2014.

In answer to a Cabinet Members query about the risks surrounding the possible lowering of the cap on Council Tax increases and the settlement to local authorities from central government, the Section 151 Officer was confident that the cap would remain at 2%. As the budget has been set with a proposed increase of 1.9% no referendum on this matter would need to be held.  Further information will be available in the coming days on the level of settlement that will be received but it is expected to be in line with previous assumptions on which the budget has been set.

Resolved

THAT: 

(a)        Cabinet notes the council is projected to spend within its budget for this financial year;

(b)       Cabinet notes the capital and treasury projected outturns;

(c)        The bad debt written off to date in 2014/15 be noted; and

(d)       Cabinet agrees the virement of 2014/15 revenue and capital budgets to meet in year pressures within council directorates; and

(e)        Cabinet notes the performance to achieve 2014/15 and future savings plans.