Decision details

That:

(i)  The latest projected overspend of £1,806,000 forecast on the controllable budget, based on information as at September 2021 be noted; and

(ii)  The use of the £500k Education Risk Reserve be agreed and forwarded to the Executive for their approval as set out in paragraph 3.7 of the report.

The Resources Portfolio Plan includes the aim of effective monitoring and control of expenditure within budget and includes the target that each service department ill spend within its own budget.  Bromley’s Best Value Performance Plan “Making a Difference” refers to the Council’s intention to remain amongst the lowest Council Tax levels in outer London and the importance of greater focus on priorities.  The four-year financial forecast report highlights the financial pressures facing the Council. It remains imperative that strict budgetary control continues to be exercised in 2021/22 to minimise the risk of compounding financial pressures in future years.