Agenda item

Financial Overview and Forecast as at 31st July 2019

To consider a report by County Councillor Aled Davies, Portfolio Holder for Finance, Countryside and Transport.

The web address for the interactive July finance report is https://sway.office.com/U4WTrE7HLBNmmMc7?ref=Link

 

 

Minutes:

Cabinet considered the budget outturn report for the period ended 31st July. Cabinet was advised that the total savings required in 2019/20 was £21.692m, £10.876m of which had been achieved to date. HeadsofService had been challenged on the remaining amount and had providedassurance thatfurthersavingsof£6.851mcouldbedeliveredthisyear, but theremaining£3.965mtheyconsideredtobeunachievable. Somemitigatingactionhadbeentakenbyservices,andalternativemeansofcoveringthesavingsshortfallinthecurrentfinancialyear hadbeenput inplace. Thisresolvedthegapfor thecurrentfinancialyear but didnotremovetherequirementtopermanentlyresolvethe basebudget.

 

Oftheundeliveredsavings,£1.809mofthesewereexpectedtobeachievedinfullnextyear,but thereremaineda further£2.156mofsavingsthat wereconsideredunachievableona permanentbasis. The Senior Leadership Team would look at how this gap could be closed make recommendations to Cabinet within the budget monitoring report for period 5.

 

RESOLVED

Reason for Decision

That the contents of the report are noted.

That the Senior Leadership Team review the projected delivery of savings and propose alternative means of addressing the shortfall.

To monitor the council’s financial performance and ensure that spending remains within approved limits and that the 3% minimum general reserve is maintained.

 

Supporting documents: