Decision details

Executive Board will be requested to release resources from the general fund reserve to meet identified budget variations.

The Chief Officer (Financial Services) submitted a report presenting details of the Council’s projected financial health position for 2017/18 as at month 4 of the financial year. In addition, the report sought approval of a virement to increase the Children and Families budget in order to provide resource to fund the additional costs of children looked after, whilst the report also sought approval for an adjustment to the 2016-17 outturn and general reserve, following the identification of two post balance sheet events, as detailed within the submitted report.

Responding to an enquiry, the Board was provided with assurances that appropriate processes were in place with regard to the Council’s Carbon Reduction Commitment submission.  Linked to this, Members also briefly discussed the issue of street lighting provision in the city.

Members noted the proposed virement to increase the Children and Families budget in order to fund the additional costs of children looked after, with it being noted that the level of demands on resource in this area would continue to be monitored, as part of established budget monitoring processes.

The Board also received further information regarding the Council’s approach towards the provision of reserves.

RESOLVED –

(a)  That the projected financial position of the authority, as at month 4, be noted, together with the ongoing work within the Children and Families directorate to balance the revenue budget;

(b)  That a virement to increase the Children and Families budget by £3.7m in order to provide resources to fund the additional costs of children looked after, be approved; with it being noted that the officer responsible for the implementation of such matters is the Chief Officer (Financial Services), together with the fact that the virement will be actioned before the next reporting period;

(c)  That the adjustments to the 2016-17 outturn and general reserve, following the identification of the two post balance sheet events, as outlined within the submitted report, be approved.

This is a factual report and is not subject to consultation.

Not applicable