RESOLVED: That Cabinet

A.        Note the financial reporting data relating to revenue budgetary control, showing a forecast net overspend at year end of £4.966million, 0.9% of the gross budget.

B.        Approve the proposed adjustments to the Capital Programme detailed in appendix 5b. That Cabinet notes the adjustments made to the Capital Programme in Appendix 5b and approves the following:

                                            *Fully funded by Transport for London

The Cabinet Member for Finance presented the report which provided the regular monthly financial monitoring update for August 2016, showing a predicted net overspend of £4.966 million at the end of the 2016/17 financial year. He said that there were a number of budget pressures, including adult social care costs, and that work was ongoing to address these, which would be reported to Cabinet in the September monitoring report.

The Cabinet Member for Adult Social Care and Health informed Cabinet that over the summer there had been lots of work to address the overspend in adult social care and that a detailed action plan is being monitored weekly. The Leader added that this had been identified as a significant issue for many London boroughs.

RESOLVED: That Cabinet

A.        Note the financial reporting data relating to revenue budgetary control, showing a forecast net overspend at year end of £4.966million, 0.9% of the gross budget.

B.        Approve the proposed adjustments to the Capital Programme detailed in appendix 5b. That Cabinet notes the adjustments made to the Capital Programme in Appendix 5b and approves the following:

                                            *Fully funded by Transport for London