Issue - meetings

Report of the Cabinet Member Finance

RESOLVED that

1. the contents of this report including the key projected variances to the original 2012/13 budget identified at this stage and the potential projected overspend of £281,000 for the financial year 2012/13 be noted.
2. a freeze on supplies and service expenditure budgets be introduced, where possible, until further notice, to be reflected in the revised 2012/13 budget.
3. If, following the more detailed monitoring process currently being undertaken as part of the budget setting process for 2013/14, the potential overspend is confirmed, corrective action be taken to ensure that the Council delivers services within the overall net budget for the year.

The Cabinet Member Finance introduced the report and explained that at the end of August a possible overspend of £281 000 had been identified. This would be actively managed in terms of examining individual overspends and to rein in spending in terms of a freeze on purchasing services and supplies.

The possible overspend amounted to one third of one percent of the council’s total gross budget. The Cabinet Member highlighted that this year there was a shortfall in income for both off-street car parking and building control and this reflected the general economic situation. On a positive note he reported that there was a predicted surplus of interest of £40 000 to report on Treasury Management within the general fund for 2012/13.

The Cabinet Member was confident that, like last year, services would be delivered within budget. The Leader added that the overspend was considerably less than previous years.

RESOLVED that

1. the contents of this report including the key projected variances to the original 2012/13 budget identified at this stage and the potential projected overspend of £281,000 for the financial year 2012/13 be noted.
2. a freeze on supplies and service expenditure budgets be introduced, where possible, until further notice, to be reflected in the revised 2012/13 budget.
3. If, following the more detailed monitoring process currently being undertaken as part of the budget setting process for 2013/14, the potential overspend is confirmed, corrective action be taken to ensure that the Council delivers services within the overall net budget for the year.