Hounslow Council


Decision details

CEX 140 - Monthly Financial Monitoring Report

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Decision:

Resolved:

 

That Cabinet agreed the recommendations of the report as follows:

 

1.     Cabinet agreed that relevant Cabinet Members work with officers in undertaking mitigating actions to bring the General Fund position closer to balance, in particular to support the actions set out in Paragraphs 4.1.3 to 4.1.5 of the report.

As part of these actions, Cabinet Members formally approved funding for:

 

·       Allocation of £0.04m for data governance.

·       Further New Home Bonus allocation to reduce overspend in the short term (£1.0m) one off.

·       Approved allocation of overspend contingency £1.6m.

·       Drawdown of remaining asylum reserve (£0.2m) – one off.

·       Utilising reserve monies to support delivery of the Corporate Property Strategy as agreed as part of the budget report 2016/17 (£0.2m).

·       Approved funding to deliver Local Plan and other key functions (£0.45m) – one off.

·       Utilising £1m of corporate reserves in 2016/17 to increase the 2016/17 base budget for Adult Social Care. Future budget adjustments will require approval via the Budget or Medium Term Financial Strategy (MTFS) approval process.

 

2.     Cabinet noted the following:

 

 

a)    Revenue Outturn Position;

·       A net overspend of £8.4m is currently projected on General Fund budgets. This will be reduced to £1.4m if all mitigation actions detailed in Table 2 (Paragraph 4.1.7 of the report) are delivered.

·       Projected funding shortfall for Dedicated Schools Grant (DSG) is £1.9m (Paragraph 4.2 of the report) which will need to be covered by the DSG reserve.

·       Projected overspend of £0.5m on the Housing Revenue Account (Paragraph 4.3 of the report).

·       4.54% of 2016/17 approved revenue savings are currently delayed and 19.89% are currently at risk of not being achieved in the current financial year (Paragraph 4.5 of the report).

 

b)    Projected Capital Programme Spend for 2016/17 is £192.2m in 2016/17 (as detailed in Appendix C of the report).

c)     Summary of bad debts totalling £0.8m awaiting approval to be written off (Paragraph 6.1 of the report).

d)    An update on the Council’s performance against the key corporate financial indicators (Paragraph 7.1 of the report).

Publication date: 14/12/2016

Date of decision: 13/12/2016

Decided at meeting: 13/12/2016 - Cabinet

Accompanying Documents: