Issue - meetings

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 position as at the end of December 2015 and the forecast outturn position of the General Fund, Housing Revenue Account, Schools Block and the Council’s investment portfolio.

The Executive Member for Economic Development and Finance advised the meeting that the projected outturn was just under £400k.  He highlighted a number of areas that had contributed to this figure including the fact that in Children’s Services, a £200k Government grant had unexpectedly ended after last year’s budget had been set, and there was an increase in placements of nearly £500k.  Councillor Pollock asked Executive Members to consider ways the overspend could be reduced by the end of the financial year.

Councillor Pollock was also pleased to advise Members that reserves were projected at around £10m which would be particularly important in the difficult funding environment that the Council currently found itself in.

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.