Projected Overspend
The Borough Treasurer to provide a verbal update on the current position as reported in the quarter one financial performance report considered by Cabinet on 16 August 2010.
Minutes:
Lisa Quinn the Borough Treasurer reported on the details of the quarter 1 projected overspend which was reported to Cabinet in August 2010. The worst case scenario pointed to a potential overspend of £13.6million. The most significant pressure related to the Childrens and Adult Services.
The overall level of projected service overspending was significant, and extensive remedial measures and actions would need to be taken to drive this down towards a balanced outturn position wherever possible.
The 2010-11 budget contained a central inflation contingency provision of £1.6m to cover in-year increases in prices during the year.
Further work would be undertaken to review corporate budgets, central provisions, earmarked reserves and the potential overall impact on general balances, and reported to Members in September, alongside the remedial action plans.
RESOLVED – That the report be received.