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Financial Monitoring Report 2017-18 - August 2017
Meeting: 16/10/2017 - Cabinet (Item 5)
5 Financial Monitoring Report 2017-18 - August 2017 
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Decision:
RESOLVED:
1. That the financial reporting data relating to revenue budgetary control, showing a forecast net overspend at year end of £1.9million, 0.4% of the gross budget be noted.
2. That the adjustments to the Capital Programme contained in Appendix 5b to the Cabinet report be noted.
3. That the following adjustments to the Capital Programme be recommended to Council for approval:
|
Scheme |
2017/18 budget |
2018/19 budget |
2019/20 budget |
Narrative |
|
Council and Cabinet approval |
||||
|
Capital bidding fund |
(560,100) |
0 |
|
Virement |
|
Parks – Canons Parks for the People |
180,450 |
1,117,470 |
195,540 |
HLF Funding |
|
Mitcham Area Regeneration – Parks for the People |
638,780 |
2,032,100 |
301,040 |
HLF Funding & Virement |
|
Total |
259,130 |
3,149,570 |
496,580 |
|
4. That the following adjustments to the Capital Programme be approved:
|
Scheme |
2017/18 Budget |
Narrative |
|
Cabinet only approval |
||
|
Morden Park House Courtyard |
125,000 |
£48k Donation and £77k Revenue Contribution |
|
Total |
125,000 |
|
Minutes:
The Cabinet Member for Finance presented the report, setting out the proposed adjustments.
The Director of Corporate Services advised that a further £1.4m would need to be identified to address the current overspend. Work was being carried out in Adult Social Care on a number of management actions to address their overspend.
The Leader welcomed the investments made in both Adult Social Care and Children, Schools and Families to address the challenging times, as both were important areas for the Council.
RESOLVED:
1. That the financial reporting data relating to revenue budgetary control, showing a forecast net overspend at year end of £1.9million, 0.4% of the gross budget be noted.
2. That the adjustments to the Capital Programme contained in Appendix 5b to the Cabinet report be noted.
3. That the following adjustments to the Capital Programme be recommended to Council for approval:
|
Scheme |
2017/18 budget |
2018/19 budget |
2019/20 budget |
Narrative |
|
Council and Cabinet approval |
||||
|
Capital bidding fund |
(560,100) |
0 |
|
Virement |
|
Parks – Canons Parks for the People |
180,450 |
1,117,470 |
195,540 |
HLF Funding |
|
Mitcham Area Regeneration – Parks for the People |
638,780 |
2,032,100 |
301,040 |
HLF Funding & Virement |
|
Total |
259,130 |
3,149,570 |
496,580 |
|
4. That the following adjustments to the Capital Programme be approved:
|
Scheme |
2017/18 Budget |
Narrative |
|
Cabinet only approval |
||
|
Morden Park House Courtyard |
125,000 |
£48k Donation and £77k Revenue Contribution |
|
Total |
125,000 |
|