RESOLVED

That Cabinet notes

1)     the financial reporting data relating to revenue budgetary control, showing a forecast net overspend at year end of £3.0million, 0.56% of the gross budget.

2).     the adjustments to the Capital Programme detailed in appendix 5b and approve the £750,200 Primary School Expansion Overspend Provision in 2015/16. Approval from this provision will be authorised by the Directors of Children, Schools and Families and Corporate Services. Any unspent balance once the final accounts are settled will be clawed back

The Cabinet Member for Finance presented the report which provided the regular monthly financial monitoring update for November 2015, in respect of the 2015/2016 financial year. It was noted that the net overspend expected at the year-end was £3million, 0.56% of the gross budget, which had decreased by approximately £200k since the previous month’s report.

RESOLVED

That Cabinet notes

1)      the financial reporting data relating to revenue budgetary control, showing a forecast net overspend at year end of £3.0million, 0.56% of the gross budget.

2).     the adjustments to the Capital Programme detailed in appendix 5b and approve the £750,200 Primary School Expansion Overspend Provision in 2015/16. Approval from this provision will be authorised by the Directors of Children, Schools and Families and Corporate Services. Any unspent balance once the final accounts are settled will be clawed back