Issue - meetings

Budget report

Additional documents:

Appendix A Medium Term Financial Forecast for the General Fund, item 15 PDF 73 KB
Appendix B ESH Business Plan Update - 2018-19 Mid-Year Borrowing Amendment , View reasons restricted (15/3)
Appendix C Revenue Bids listing, item 15 PDF 120 KB
Appendix D Capital Bids listing, item 15 PDF 90 KB

Decision:

Cabinet

a) Considered and noted the General Fund forecast as set out in Appendix A to the report from the Head of Finance, and:

· Noted the assumptions underpinning the forecast;

· Noted the indicative revenue pressures and their impact on savings requirements as set out at Appendix C;

· Noted the amendments to the indicative capital programme and their impact on savings requirements as set out at Appendix D;

· Instructed the Head of Finance to bring forward detailed draft estimates for 2018/19 based on assumptions and issues contained in this report for consideration by the Cabinet in the new year; and

· Instructed the Executive Management Team (EMT) to identify and develop other options for meeting the additional income / savings requirement.

b) Considered and endorsed the amendment to the Ermine Street Housing Business Plan attached at confidential Appendix B and, as a direct result, recommended that Council bring forward lending of £13 million to Ermine Street Housing into 2018/19 by re-phasing the Capital Programme, and bring forward budget from future years to enable the Company to continue the business expansion as agreed by Cabinet and Council in November 2015.

c) Approved delegation of the use of the Business Efficiency Reserve to the Chief Executive

Minutes:

Cabinet considered a report providing it with an update in respect of the financial position and forecasts for the General Fund (GF), allowing review of financial assumptions, approval of any bids and savings and agreement of the budgets strategies for 2019-20 and beyond.