To provide Cabinet with assurance on the robustness of budgetary control and monitoring across the Council, to highlight key financial risks within directorates and identify mitigation to bring the authority within its overall approved budget.

Consideration was given to the report of the Chief Officer - Finance which provided Cabinet with assurance on the robustness of budgetary control and monitoring across the Council.  The report also highlighted the key financial risks within directorates and identified the mitigation measures being implemented to bring the Council within its overall approved budget.  The Chief Officer - Finance drew attention to the following points:

i.           The Council continued to forecast an overspend for the year; this was approximately £2.5m at October 2013, compared to £3.3m in September 2013.

ii.          The key pressure continued to be Adult Wellbeing; with a projected overspend of £3.9m at October 2013, compared to £3.4m in September 2013. 

RESOLVED:  That

(a)       Cabinet notes the projected overspend of £2.5m for 2013/14, an improvement on the September position of £0.8m, the potential impact on reserves and the 2014/15 budget;

(b)       Cabinet supports the continuing action by Directors to identify further financial savings to mitigate the impact.