That the forecast outturn position of the revenue budget and the level of forecast balances in respect of the General Fund, Housing Revenue Account, Schools Block and the Authority’s investment portfolio be noted.

The Executive considered a report setting out the forecast outturn position of the revenue budget and the level of forecast balances in respect of the General Fund, Housing Revenue Account, Schools Block and the Authority’s investment portfolio.

The Executive Member for Economic Development and Finance went through the report and highlighted that although current estimates showed an overspend at the end of the year of £450k work would be carried out throughout the year to ensure a balanced budget.  In addition it was noted that the Council had significant reserves to cover unforeseen items.

Members’ attention was drawn to the budget pressures included in the report including the fact that the DoE had withdrawn a grant after the budget had been approved.  It was also noted that the Housing Revenue Account was predicting a net underspend of £115k and there was a net planned deficit this year on the schools budget of just under £700k and this would cause a reduction in the Council’s reserves next year.  Councillor Pollock advised that given the rise in birth rate in the area and austerity measures this was an area that needed to be reviewed on a regular basis as it would impact on all budgets.

RESOLVED:  That the forecast outturn position of the revenue budget and the level of forecast balances in respect of the General Fund, Housing Revenue Account, Schools Block and the Authority’s investment portfolio be noted.