Issue - meetings

This report, as considered by Cabinet on 18 September 2012, details the forecast revenue and capital outturns for 2012/13 based on actual performance to 31 July 2012 and the proposed management actions and budget adjustments in response to monthly budget management during the financial year to date.

The Committee received an update from Kevin Bartle on the Budget Monitoring report.  The report was considered at the 18 September 2012 Cabinet meeting, and detailed the forecast revenue and capital outturns for 2012/13 based on actual performance to 31 July 2012 and the proposed management actions and budget adjustments in response to monthly budget management during the financial year to date.

The highlights of the report were outlined:

·                    A balanced position was projected on the revenue budget – this included some overspends and underspends.

·                    Adults & Housing – projected £2m overspend (paragraph three of the report outlined actions taken to address the position).  There was an amount held in central reserves which was earmarked for Adults and Housing, and there may be a request to release these reserves.

·                    Place and Sustainability - projected £600k overspend

·                    Children & Young People – projected balanced position at the end of the financial year, however due to the volatile nature of the budget, this was being closely monitored.

·                    Chief Executive – projected £300k overspend.

·                    There was a £1m saving in Treasury Management, based on the costs of borrowing.

·                    All funding decisions were made annually by Full Council – this decision was based on funding needs and demographic pressures on the budget process.

The Committee requested:

·                    That the Chief Executive of Homes for Haringey (or his rep) attend the next meeting to explain the forecast overspend on the repairs budget; and,

·                    Explanation of projected capital under spend on voids, which seemed to be at odds with the performance report on voids.

Councillor Rice reminded Committee Members that OSC were responsible for scrutinising the overall view of the whole budget, the Scrutiny Panels were responsible for scrutinising the detailed monitoring of services.